GSR Markets has recently been involved in a significant transaction, receiving 10 million EDU tokens—valued at approximately $5.33 million—from Open Campus’s multi-signature wallet just four hours ago.
This transfer is part of a larger pattern, as the multi-signature wallet has sent a total of 28 million EDU tokens (worth about $22.33 million) to GSR over the past seven months. These tokens are typically transferred to exchanges in smaller batches over time, suggesting they may be gradually sold off.
EDU Price Action To Monitor
This ongoing activity appears to be influencing the price of EDU tokens, which recently fell to $0.50. This drop places the token just a few cents above its all-time low (ATL) of $0.37. Despite this price decline, EDU’s market capitalization remains relatively stable at around $180 million.
GSR Markets 关联地址 0x562…04Fd3 于 4 小时前从 Open Campus 多签地址处收到 1000 万枚 $EDU ，价值 533 万美金
过去 7 个月该多签已累计向 GSR 转移 2800 万枚 EDU（约 2233 万美金），且每次转移后，都会在接下来一段时间内分批充值进交易所，疑似卖出👀
钱包地址 https://t.co/mQiblKr09l pic.twitter.com/ibi3nPxTdj
— Ai 姨 (@ai_9684xtpa) September 4, 2024
The repeated pattern of large transfers followed by exchange deposits has led to speculation that GSR Markets might be offloading these tokens, potentially exerting downward pressure on EDU’s price. As a result, investors and market observers are closely monitoring the situation, given the potential for further price fluctuations.
This series of transactions raises concerns about the future stability of EDU’s price, especially if the selling activity continues. The market will be watching closely to see how these developments unfold, particularly with the token already nearing its historical lows.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.