'Binance New Listing' Guns, Abnormal Selling Circumstances Detected

Uk Jin

Summary

After Guns (GUN) was newly listed on Binance, abnormal selling circumstances were detected, according to an on-chain analyst.
Despite Binance stating that the volume was not distributed to the problematic market maker, a large token movement was pointed out.
Currently, the GUN token price is plummeting, and this phenomenon requires caution from holders.

In the midst of ongoing issues related to abnormal selling of virtual assets (cryptocurrencies) on exchanges, similar circumstances have been detected with Guns (GUN), which announced a new listing on Binance.

On the 1st (local time), on-chain analyst ai_9684xtpa reported on X (Twitter) that "a phenomenon occurred where Guns tokens were being sold more than 10 times per second on Binance."

He continued, "Binance has not yet distributed the volume to the market maker for this incident, but 191 million tokens were transferred from the GUN market maker address to the outside," adding, "Afterwards, abnormal selling activities were detected on Binance."

However, the analyst considered it difficult to conclude that the incident was the work of the market maker. He said, "It is also thought that a whale participating in the launch pool sold using a bot," and explained, "If the whale received an airdrop up to the limit in the three-day launch pool, his volume would be 32 million, similar to the abnormally sold scale."

Meanwhile, as of 1:51 PM on this day, GUN is trading at $0.08026 on CoinMarketCap, down 17.13% from the previous day.

GUN