Attention: Solana-Based Altcoin Unlocked Millions of Dollars, What's the Price?

StepN, the first move to earn game built on the Solana (SOL) ecosystem, unlocked millions of dollars in GMT.

According to on-chain data transferred by Arkham, the STEPN team has unlocked 79.203 million GMT worth approximately $15.9 million. All unlocked GMT was transferred to the multisig address named “0x2D…C406”.

According to historical operations, unlocked tokens will be distributed among different multisig wallets, and some addresses will then transfer them to cryptocurrency exchanges such as Binance.

Will it have an impact on the GMT price?

Although large lock openings generally cause declines in altcoin projects, the impact may not always be large. Especially in the case of GMT, these planned and continuous unlockings have not created a noticeable decline for now.

On the other hand, such transactions that occur during periods when the market is negative may bring more sales pressure compared to other altcoins.

According to CoinGecko data, GMT, which has decreased by 1% in the last 24 hours, is traded at $0.2011 at the time of writing.