Green Metaverse Token (GMT): Why is it drawing attention?

Highlights

• Powered by the Solana blockchain, the GMT token is the native token of STEPN.  
• The GMT token offers staking rewards and its users the option to burn the tokens in the STEPN app. 
• Backed by leading names of the crypto industry, such as Sequoia Capital, DEFI Alliance, Almeda Research etc., the 401 ranked token was trading at US$0.132944 with a trading volume of US$648,875,638 over a day as per CoinMarketCap.  

The overall crypto market may be witnessing a seesaw of events, as the market is volatile right now with rallies and losses. Several projects have gained in the process, while many are still in the red.

After US President Joe Biden inked the long-awaited executive order on cryptocurrencies on Wednesday, Bitcoin managed to hold its ground before closing at US$41,982.93. Likewise, Ethereum too gained and closed at US$2,729.78. 

However, one token that seems to be hogging headlines amid all this is the Green Metaverse Token (GMT). Following its debut on the Binance Exchange on 9 March, the GMT crypto rallied by over 1,500%. 

Also read: Why is Binance under the FCA’s scrutiny again?

But the initial craze seems to have fizzled out as it was down by over 13% on 10 March. However, it is still witnessing significant volume spike of over interest from the market participants as its volume was up by almost 300% in the last 24 hours. 

What is GMT token? 

Powered by the Solana blockchain, the GMT token is the native token of STEPN. The GMT token offers staking rewards and the option to burn the tokens on the STEPN app. It is a Web 3 lifestyle app with Social-Fi and Game-Fi elements, which was founded by Jerry Huang and Yawn Rong. 

According to the official Litepaper of the STEPN project, GMT allots close to 30% of total tokens to the users. In comparison, 30% of the ecosystem fund is being utilised for various community development programmes and giveaways.

Besides, about 16.3% will be used for private sale, 7% will be engaged for public sale, 2.5% to the advisory team and 14.2% is for the team. The GMT token comes in with a limited supply of 6 billion tokens and is available on leading exchanges, such as Mandala Exchange, BTCEX, and others. 

Also read: 3 Upcoming Crypto Airdrops to watch out in March

Current price

Backed by leading names of the crypto industry such as Sequoia Capital, DEFI Alliance, Almeda Research, etc., the 401-ranked token was trading at US$0.132944 with a volume of US$648,875,638 in 24 hours, as per CoinMarketCap. 

Although the official website still lacks detailed information on the native token, GMT’s Binance debut seems to have caught the eye of a few market participants.

But one should also note that how volatile the crypto market can be. Therefore, it’s imperative that market participants do their in-depth research before jumping to conclusions and investments and ensure that they know the risks about the crypto market and act accordingly. 

Risk Disclosure: Trading in cryptocurrencies involves high risks, including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies, you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.