Key Points
- Binance extended its Monitoring Tag to GoPlus Security (GPS) today, following reviews.
- GPS price dropped following the spot listing and one of the Market Makers recorded behavioral issues.
In an official announcement, Binance revealed that applied the Monitoring Tag to GoPlus Security (GPS) today. GoPlus Security is a Web3 user security platform and the project was listed by Binance on March 4.
Why Binance Applied the Monitoring Tag to GPS
The crypto exchange revealed that it applied the Monitoring Tag to GPS based on recent reviews revealing that GPS recorded a significant price drop immediately after its spot listing and certain market-making behavior of one of the GPS market makers.
The Market Maker's behavior included the following issues:
- Around 70 million GPS tokens were sold by the Market Maker between March 4 at 13:00 (UTC) and March 5, at 09:55 (UTC).
- During the period mentioned above, no buy orders were placed by the Market Maker.
- The Market Maker continuously sold GPS tokens immediately after spot trading opened on Binance.
- The Market Maker was the top 1 profiteer and gained around 5 million USDT.
Binance also revealed that the Market Maker's Binance account has been temporarily suspended and the exchange will conduct an in-depth investigation into the matter.
The crypto exchange applies the Monitoring Tag to projects that it considers to have significantly higher volatility compared to other projects already listed on the exchange, Binance closely monitors these projects and periodically conducts regular reviews on them.
Projects that have the Monitoring Tag applied are at risk of no longer meeting the exchange's criteria and getting delisted from the platform.
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Meanwhile, GoPlus Security revealed an investigation report about the recent price fluctuations of their coin.
Binance Listed GPS on March 4
On March 4, Binance announced GPS as its 11th project on the HODLer Airdrops and it also listed the token, opening trading for the following pairs:
- GPS/USDT
- GPS/USDC
- GPS/BNB
- GPS/FDUSD
- GPS/TRY
On March 4, GPS's price dropped from around $0.14 to $0.06 in a relatively short amount of time.
GPS Price Trajectory Today
Today, GPS was trading at around $0.05 and its price suddenly dropped to $0.04 levels ahead of a quick reversal.
GPS suddenly surged to prices above $0.06, reaching a market cap of over $117 million at the moment of writing this article.
The coin spiked by almost 21% following its recent dip.
