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Highlights
- The GMT crypto could be used to burn in the STEPN app and access features provided by the lifestyle app.
- The GMT token could be rising due to a teaser by STEPN on Twitter.
- STEPN is a lifestyle application for Web3, and it comprises gamification design and some fun social elements.
The STEPN (GMT) token price was up 36.3 per cent at the time of writing on Tuesday, March 29. Meanwhile, the one-day volume had catapulted over 450 per cent to $1.8 billion.
Notably, the overall cryptocurrency market appears to be recovering from the lows caused by a highly volatile condition caused by the war between Ukraine and Russia.
Also Read: What is Celo crypto and why is its price skyrocketing?
At 2 AM EST, the global crypto market cap was up 1.3 per cent to US$ 2.15 trillion, and almost all the major virtual currencies were trading in the green. Bitcoin was up 1.3 per cent to US$ 47,618.53 per token, and ETH was up 2.6 per cent to US$ 3,403.62 apiece.
What is STEPN?
STEPN is a lifestyle application for Web3, and it comprises gamification design and some fun social elements. The network equips users with non-fungible token (NFT) sneakers to earn Green Satoshi Token (GST) by walking, running outdoors, or jogging.
Notably, the GST token is the gaming token of STEPN, and it can be used to mint or level up new sneakers.
STEPN was developed by an Australia-based fintech studio called Find Satoshi Lab, and it won the Solana Ignition Hackathon Gaming Track last year.
What is the GMT token, and why is it rising?
Apart from the GST token, STEPN has a governance token called the Green Metaverse Token (GMT). The token has been rising since its launch on March 9, and it clocked an all-time high of US$ 1.16 per token on March 29.
The GMT crypto could be used to burn in the STEPN app and access features provided by the lifestyle app like minting sneakers and participating in governance voting.
The GMT token could be rising due to a teaser by STEPN on Twitter. STEPN tweeted on Monday that it could partner up with Binance, which would be the beginning of many possibilities.
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Bottom line
The total and maximum supply of the GMT token is six billion, and according to CoinMarketCap data, the market cap of the virtual currency is US$ 635.4 million.
The GMT token is up for trading on cryptocurrency exchanges like Binance, Bitget, FTX, and BingX. However, it is important to evaluate your risk capacity before investing in cryptocurrencies.
Also Read: Why is DGB crypto skyrocketing? All you must know about DigiByte
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