Token

2024

Impact

The cryptocurrency market has seen significant activity with GSR, a major player in the space, transferring 310,000 ZRO tokens to Binance. This transaction, valued at approximately $1.54 million, highlights GSR’s influence in the altcoin market, particularly concerning ZRO. The move has left many wondering what GSR’s next steps will be with its remaining large ZRO holdings.
<h2 id="gsr-s-impact-on-the-zro-token-market">GSR’s Impact on the ZRO Token Market</h2>
As a prominent market maker, GSR still holds 5.446 million ZRO tokens, representing a value of around $27.07 million. Given its sizable stake, GSR’s actions could have a direct impact on the price movements of ZRO. Market makers like GSR play a crucial role in maintaining liquidity and stabilizing the market, but their large transactions often cause short-term volatility in the token’s price.
<blockquote class="twitter-tweet">
 3 hours ago, <a href="https://twitter.com/hashtag/GSR?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#GSR</a> deposited 310k <a href="https://twitter.com/search?q=%24ZRO&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$ZRO</a> (~$1.54M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#Binance</a>.
 Just now, he still hodls 5.446M <a href="https://twitter.com/search?q=%24ZRO&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$ZRO</a> (~$27.07M).
 The other MM – <a href="https://twitter.com/hashtag/Amber?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#Amber</a> owns 4.44M <a href="https://twitter.com/search?q=%24ZRO&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$ZRO</a> (~$22.11M).
 Address:<a href="https://t.co/tMlwvXO25s" rel="noopener noreferrer nofollow" target="_blank">https://t.co/tMlwvXO25s</a><a href="https://t.co/OVMQ7XQCo2" rel="noopener noreferrer nofollow" target="_blank">https://t.co/OVMQ7XQCo2</a> <a href="https://t.co/ehj2DrS8LO" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/ehj2DrS8LO</a>
 — The Data Nerd (@OnchainDataNerd) <a href="https://twitter.com/OnchainDataNerd/status/1840313961553764368?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">September 29, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h2 id="price-drop-after-binance-transfer">Price Drop After Binance Transfer</h2>
Following GSR’s transfer of 310,000 ZRO tokens to Binance, the price of ZRO dropped by 4%, reflecting the market’s sensitivity to such significant movements. As one of the largest cryptocurrency exchanges, <a href="https://thebitjournal.com/binance-does-it-again-futures-announcement-sends-this-altcoin-soaring/" target="_blank" rel="noopener noreferrer nofollow">Binance</a> frequently sees major transfers, but the size of this transaction has raised eyebrows, especially with GSR holding a considerable portion of ZRO’s circulating supply.
<h2 id="amber-group-s-role-in-zro-token-market">Amber Group’s Role in ZRO Token Market</h2>
In addition to GSR, another key market maker, Amber Group, holds 4.44 million ZRO tokens (approximately $22.11 million in value). While Amber Group’s holdings are slightly smaller than GSR’s, both entities have a substantial influence on ZRO’s market performance. The concentration of ZRO tokens in the hands of these two market makers could lead to further price fluctuations, particularly as both hold the power to impact the token’s liquidity.
<img fetchpriority="high" decoding="async" class="alignnone size-full wp-image-47224" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/09/ZRO_1D_graph_coinmarketcap.jpeg" alt="Major Token Transfer: GSR Dumps ZRO Tokens on Binance, Price Dips = The Bit Journal" width="1200" height="800" title="Major Token Transfer: GSR Dumps ZRO Tokens on Binance, Price Dips 2">
<h2 id="what-s-next-for-zro">What’s Next for ZRO?</h2>
With both GSR and Amber Group controlling a significant portion of ZRO tokens, the token’s price and market activity could be shaped by any future moves from these major players. While their combined holdings do not represent the majority of ZRO’s total supply, their ability to affect market sentiment and price volatility is undeniable.
<ul>
 <li><a href="https://twitter.com/Thebitjournal_" target="_blank" rel="noopener noreferrer nofollow">https://twitter.com/Thebitjournal_</a></li>
 <li><a href="https://www.linkedin.com/company/the-bit-journal/" target="_blank" rel="noopener noreferrer nofollow">https://www.linkedin.com/company/the-bit-journal/</a></li>
 <li><a href="https://t.me/thebitjournal" target="_blank" rel="noopener noreferrer nofollow">https://t.me/thebitjournal</a></li>
</ul>
Follow us on Twitter and LinkedIn and join our Telegram channel to be instantly informed about&nbsp;breaking&nbsp;news!

Major Token Transfer: GSR Dumps ZRO Tokens on Binance, Price Dips

Table of Contents

The Bit Journal

Other articles published on Sep 29, 2024

Blockchain Reporter Weekly Review: Binance, BingX, BlackRock, And Bitcoin - The 4 B’s in Spot Light

Dutch regulator AFM flags pump-and-dump risks in crypto

Celestia raises $100m, Binance founder leaves prison, Gensler reaffirms Bitcoin stance | Weekly R...

OpenSea Rises In Trading Volume – Becomes The Leading NFT Marketplace In Sep 2024

Peer-to-Peer (P2P) Scams: Understanding the Risks and Prevention

Canada Tightens Rules on Crypto Exchanges

Join our free newsletter for daily crypto updates!