New wallet deposits $10.1M in STO to Gate.io

Lookonchain reports that a new wallet starting with 0x5e2E, which had been accumulating StakeStone (STO), has deposited its entire holding of 28 million STO to Gate.io. The tokens, worth $10.12 million, represent 12.43% of the circulating supply. This action follows a surge in STO's price, which jumped approximately 755% from $0.11 to $0.94 in two days. Such deposits to exchanges are often seen as a move to sell.