STEPN (GMT) crypto jumped 15%: Here's why it is gaining traction

Highlights

• GMT is the governance token of STEPN, which is an application for promoting a healthy lifestyle.
• The total supply of the GMT crypto is six billion, and 600 million tokens are in circulation.
• As of writing, the crypto market cap had increased by 4.7 per cent to US$ 906.65 billion.

The price of STEPN (GMT) crypto caught investors' attention on Tuesday as its price increased by 15 per cent over the previous day to US$ 0.9144 per token. Due to the attention, the volume of the GMT crypto soared over 120 per cent to US$ 418.5 million.

The rising price and volume of the Green Metaverse Token (GMT) could be an indicator that it is gaining traction among investors.

The cryptocurrency market remains volatile, and it is expected to remain this way as people fear recession due to rising inflation worldwide.

At the time of writing, the crypto market was in the green, and its valuation had increased by 4.7 per cent to US$ 906.65 billion, as per CoinMarketCap data.

Why is GMT crypto rising?

On July 4, the Green Metaverse Token announced that it would be giving away six APE sneakers in three days. The sneakers will be distributed on Twitter and Instagram equally.

The virtual currency could be gaining momentum due to this announcement. Also, the overall growth in the market and the rising price of Bitcoin could contribute to the GMT crypto's rising price.

At 4 AM EST, BTC was up by 1.7 per cent and the world's second-largest cryptocurrency Ethereum (ETH), climbed 5.6 per cent in the last 24 hours.

GMT is the governance token of STEPN, which is an application for promoting a healthy lifestyle and rewards its users for walking, jogging, and running.

The app, which works on both Android and iOS, only took five months to go from its initial development to the open beta stage. STEPN intends to improve its in-game features and introduce them to several additional chains.

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Bottom line

The total and maximum supply of the GMT crypto is six billion, and there were 600 million tokens in circulation at the time of writing. It is listed for trading on major cryptocurrency exchanges, including Binance, OKX, and MEXC.

If you are interested in the GMT crypto, you must research about the application and use cases of the virtual currency. The crypto market is very volatile, so an investor must assess risk capacity before investing money.

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