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Highlights
- The GMT crypto is the governance token of STEPN, a Web3 lifestyle application on the Solana blockchain.
- The GMT crypto's price surge could be due to overall growth in the market after crashing significantly on June 2.
- Despite the surge in the price of the GMT crypto, crypto investors should be careful.
The price of the Green Metaverse Token (GMT) was up by 11 per cent over the previous day, and it was trading at US$ 1.07 per token at 2 AM EST, according to CoinMarketCap data.
The GMT crypto's price surge could be due to overall growth in the market after crashing significantly on June 2. During the early morning hours of Friday, the valuation of the global crypto market was up by 1.6 per cent over the last 24 hours at US$ 1.25 trillion.
Also Read: Canada's Newton crypto exchange hacked? Find out more here
The crypto market has been reeling and witnessing extreme volatility over the last few months. As of writing, the price of Bitcoin was up by 1.6 per cent, but Ethereum was down by 0.5 per cent.
What is Green Metaverse Token?
The GMT crypto is the governance token of STEPN, a Web3 lifestyle application on the Solana blockchain with Gaming Finance (GameFi) components.
STEPN mixes elements of a play-to-earn game with fitness software to reward its users when they move. Notably, the applications users can purchase NFT sneakers to earn in-game currency by moving themselves through walking or running.
Yawn Rong, an Australian blockchain entrepreneur, reportedly created STEPN in August 2021. Mr Rong previously launched a crypto fund called Crypto SA. He also serves as an Algorand ambassador and spokesperson for the South Australian Blockchain Association. Jerry Huang, a game developer, is reportedly the co-founder of STEPN.
STEPN hopes to change the fitness app business by encouraging people to live a healthy lifestyle. The Web3 app keeps track of the movement of its users and incentivizes them to achieve its aim.
If the users want to earn the GMT crypto, they have to level up their sneakers to level 30. They can earn GMT. The total supply of GMT is 6 billion coins, and there were 600 million GMT crypto tokens in circulation at 2 AM EST.
Bottom line
Despite the surge in the price of the GMT crypto, crypto investors should be careful as its trading volume is negative. At the time of writing, the 24-hour volume of the STEPN's governance token was down by 23 per cent to US$ 689.4 million.
The crypto exchanges that have listed the GMT crypto for trading are MEXC, Binance, OKX, and Bitget.
Also Read: Why is NuCypher (NU) crypto skyrocketing with 20,000% volume gains?
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