Binance Labs has recently moved crypto tokens of four-different investment projects, worth millions, sparking selloff concerns. The price of UNA, PSTAKE, SIS and HIP dropped more than 5% each as binance moved $2.79 million worth of tokens to crypto exchange Gate.

Why is Binance Labs Selling Crypto Tokens UNA, PSTAKE, SIS, and HIP?

As per the data from Arkham Intelligence, Binance Labs is preparing to sell crypto tokens for four investment projects. This venture capital arm of Binance Labs typically invests in early-stage crypto and blockchain projects focusing on tech innovation and sustainable revenue models.

On-chain data shows that the venture arm has moved a total of $2.79 million worth of crypto to Gate, likely in preparation for a sale. The transferred tokens include 47.61 million UNA (valued at approximately $1.27 million), 25 million PSTAKE (about $1.24 million), 2.85 million SIS (around $270,000), and 2 million HIP (roughly $7,330).

The assets were unlocked from investments by Binance Labs, and notably, none of these tokens are currently listed on Binance.

As of press time, the UNA price is down by 7.23% currently trading at $0.02512 with its market cap slipping under $6 million. However, it still remains 4% on the weekly chart amid the broader market rally.

Similarly, Symbiosis (SIP) and HIPPOP are down by 5.87% and 12% respectively following the move from Binance Labs. The venture investment platform, however, continues to invest in new projects ahead. Two days before, it announced investment in a ZK-coprocessor platform Brevis that enables verifiable, trustless computations on historical on-chain data, unlocking new use cases for applications.

Fresh Offering For ACT, PNUT, NEIRO

Crypto exchange Binance continues to list emerging and in-demand crypto tokens while listing new pairs for The AI Prophecy (ACT), Peanut The Squirrel (PNUT), and First NEIRO. The PNUT price rally has drawn massive investor attention as the crypto token gained more than 1500% over the last week.

Following the Binance spot listing, the ACT token has also continued its rally with its price surging 2800% on the weekly chart. The recent surge in ACT comes amid the meme coin frenzy in the broader crypto market triggered by a mega rally in PEPE Coin (PEPE) following its listing on Coinbase, Robinhood, and Upbit exchanges, yesterday.

Crypto exchange Binance continues to list projects that are in demand while providing further liquidity boosts to their respective tokens.

The post These Crypto Tokens Fall 5% On Selling Reportedly By Binance Labs appeared first on CoinGape.

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Filed under: News - @ November 14, 2024 1:22 pm