The price of so called “move to earn” crypto token STEPN (GMT) has witnessed a massive rise in a little over a month time since March. According to data on CoinGecko, GMT price has jumped over 3500% since March 11, when the coin’s price was just $0.100826 (approx. Rs 7.69 at today’s INR-USD rate). The price of the coin as of today was $3.73 (approx. Rs 284.42).
In the last 7 days, GMT price has jumped 68.3% while its price gain in the last 24 hours was over 13.84%. The GMT coin has also been one of the top trending crypto tokens on CoinMarketCap for over several weeks now. As interest of crypto enthusiasts in GMT coin continue to rise in this token, here’s a look at what this coin is:
What is STEPN?
STEPN (GMT) is a crypto token using the Solana (SOL) blockchain. Experts say that the massive uptrend in GMT price has been due to the hype surrounding DeFI projects that reward users with tokens for staying active. STEPN rewards users for walking, jogging or running!
Some of the top rivals of GMT are Genets (GENE) and dotmoovs (MOOV). The prices of all these tokens have jumped recently.
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As per the data on CoinMarketCap, the total market capitalisation of STEPN token has crossed $2 billion. It is also now the 53rd largest crypto in terms of market capitalisation, and constitutes 0.12% of the total crypto market value.
How STEPN works?
STEPN offers NFT sneakers on its in-app marketplace. By being these NFT Sneakers, users get to play STEPN, which in turn allows them to earn the in-game Green Satoshi Token (GST). Users can later trade the GST reward for SOL or USDC. STEPN’s official website says users can make “handsome earnings” by simply walking, jogging or running outdoors”. The company said it will be using the “profit to buy back and burn GMT on-chain from secondary market.”
Why is STEPN (GMT) price pumping?
STEPN’s recent earning report is believed to be one of the major reasons behind the massive price uptrend. As per an official statement of the company, STEPN made a profit of $26.81 million from its NFT Marketplace trading and royalty fees in Q1 2022.
GMT coin is available for buying and selling on leading global exchanges like Binance, Gate.io, KuCoin, Huobi Global, FTX, Bybit, OKK, PancakeSwap etc. It is currently not available on any Indian crypto exchange.
(Cryptos and other virtual digital assets are unregulated assets in India. Investing in them could lead to losses. Please consult a professional financial advisor before making any investment decision in crypto)