Arkham has revealed that a significant amount of GMT tokens, totaling 79.203 million, were unlocked by STEPN at 08:28 GMT today. These tokens hold an estimated value of around $15.9 million.
The unlocked tokens were swiftly transferred to the 4/5 multi-signature address 0x2D…C406, according to reports. Looking at previous patterns, it is likely that more of these tokens will be distributed by STEPN, with some ending up on prominent exchanges like Binance.
Following the unlocking, the cryptocurrency wallet holding the tokens now boasts an asset value of $18.53 million, solely in GMT tokens. GMT, once a top altcoin in the “move-win” movement, currently has a market cap of $427 million, a significant drop from its peak market value of $2.28 billion.
During the previous bull market, GMT set records alongside other altcoins, but it has since retraced significantly and is currently trading at a level 95% lower than its all-time high.
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