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According to Onchain data, Binance Labs, the investment arm of cryptocurrency exchange Binance, may have sold some of the two altcoins in which it is an investor.
According to the data, Binance Labs transferred 30 million GMT (GMT) tokens from its investment wallets to Binance two days ago. The dollar equivalent of this amount is measured at $7.29 million.
Today, the company moved 400,000 Axie Infinity (AXS) tokens to Binance, equivalent to a total of $3.72 million.
Binance Labs, one of the first project investors of GMT, received a total of 75 million GMT as compensation for the investment. This corresponds to approximately $15 million at current prices.
The company was also an early investor in Axie Infinity, receiving 11.8 million AXS tokens in return for its investment, currently worth around $100 million.
Although there has been a recent rise in the altcoin market, it cannot be said that Binance Labs has sold its tokens at the peak price. AXS climbed to $ 165 for a while, and at the time of writing this article, it is traded at $ 9.44.
The GMT price had climbed to a peak of $4.11, and at the time of writing this article, it is hovering at $0.24.
The reason for the failure to sell at the peak value may be a token lockup agreement the projects have made with Binance Labs, but the details of the agreements are unknown.
*This is not investment advice.
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