SuperRare has recently witnessed a significant development just a few moments ago. Lookonchain, a well-known on-chain analytics firm, has disclosed the transactions of up to 7.5M $RARE coins to the famous crypto exchange Binance by SuperRare. The analytics company revealed the respective development on its official social media account.
An hour ago, the #SuperRare Treasury transferred 7.5M $RARE ($1.8M) to #Binance via #GSR.The last similar transfer was on May 15, also after the $RARE price surged.https://t.co/ezyLxnixya pic.twitter.com/3lKFcCQPYZ
— Lookonchain (@lookonchain) August 19, 2024
SuperRare Treasury Transacts 7.5M $RARE Coins to Binance
In its exclusive post, Lookonchain mentioned that the above-mentioned figure equals a value of nearly $1.8 million. The respective transaction reportedly took place through a popular liquidity provider GSR. This development has gained huge attention in line with its context and timing. It reportedly reflects a former transfer that took place back on the 15th of May. That was the time when the SuperRare Treasury additionally transacted $RARE coins in a massive amount to Binance.
This occurred just following a rise in the price of the token. This behavior pattern poses several noteworthy questions concerning the strategic intentions at the back of such transfers. SuperRare operates as an influential entity in the NFT sector. It reportedly utilizes its local coin $RARE for the governance of its DAO. In addition to this, it also incentivizes members in the ecosystem thereof with its native coin.
The Development May Serve as Liquidity or a Part of a Wider Move to Take Advantage of $RARE’s Price Spike
The transaction of $RARE in such a big quantity could have many likely implications. One possible scenario suggests that the transaction is focusing on liquidity management. Alternatively, the respective transaction could serve as a part of the wider strategic development, capitalizing on the recent spike in $RARE’s price.
