GoPlus Security Investigates 60% Token Price Drop Amid Binance Listing

GoPlus Security, a web3 security firm, is investigating a significant price drop of its native GPS token after it was listed on cryptocurrency exchange Binance on March 4. The token’s value plummeted by over 65% in a single day, catching the GoPlus team off guard.

Uninformed Listing Leads to Price Volatility

According to GoPlus Security, the team was not informed about the listing beforehand and only learned about it when the public announcement was made. The firm immediately cooperated with Binance to address any additional requirements.

“Everything happened rapidly, and our team only learned about the listing when the public announcement was made, after which we immediately worked to cooperate with Binance to facilitate any additional requirements on our side.”

Investigation and Token Distribution

GoPlus Security has formed an investigation team to determine the cause of the price fluctuations. The firm also revealed that it transferred 500 million GPS tokens to Binance on the day of the listing, with 300 million tokens already distributed as rewards for Binance’s BNB HODLer program. The remaining 200 million tokens will be used for future marketing efforts.

Binance’s Response and Market Monitoring

Following the price drop, Binance extended the monitoring tag to include GPS due to a “significant price drop immediately following the spot listing and certain market making behavior of one of GPS’ market makers.” GoPlus Security is working with Binance to investigate the issue and will provide further updates as more information becomes available.

Current Market Status

As of press time, GPS is trading at $0.061, according to data from crypto price aggregators.

For more web3 and cryptocurrency news, visit Global Crypto News.

Key Takeaways:

  • GoPlus Security’s GPS token dropped 60% after being listed on Binance.
  • The firm was not informed about the listing beforehand.
  • An investigation team has been formed to determine the cause of the price fluctuations.
  • 500 million GPS tokens were transferred to Binance, with 300 million tokens already distributed as rewards.
  • Binance is monitoring the market and working with GoPlus Security to investigate the issue.
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