How is move-to-earn crypto STEPN (GMT) performing amid sell-offs?

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  • STEPN conducted its initial DEX offering (IDO) in March 2022.
  • It trades on crypto exchanges like Binance, OKX, etc.
  • GMT returned gains of over 18% in the last seven days.

The move-to-earn or M2E is one of the hottest trends in the crypto market. It’s a new way for players to earn cryptos simply by working out or maintaining a healthy lifestyle.

M2E is a new way of rewarding players using technology that can track their movements and reward them based on their fitness. STEPN is one of the leading players in the M2E space.

Let's know about STEPN (GMT) crypto and its recent performance amid the sell-off in the market.

What is STEPN (GMT) crypto?

STEPN claims to be a "Web3 lifestyle" application with GameFi elements that runs on the Solana blockchain.

It combines play-to-earn technology with a fitness application called "move-to-earn". In the game, users purchase non-fungible token (NFT) sneakers to earn currency while working out, including walking, running, or jogging.

STEPN aims to revolutionize the fitness app market by incentivizing users to maintain a healthy lifestyle. It also claims to solve the drawbacks like "proof of movement" in traditional fitness apps tracked through GPS. Additionally, it rewards users financially and claims to reduce carbon footprint.

STEPN was founded by Yawn Rong in August 2021, ahead of its successful initial DEX offering (IDO) in March 2022. STEPN functions as a dual-token model. GST is a utility token, and GMT is its governance token. GST is the in-game currency for fitness rewards with an unlimited supply, while GMT has a limited supply and is earned when users level up their sneakers.

STEPN trades on several major crypto exchanges like Binance, OKX, FTX, etc.

Price and performance:

The GMT token was priced at US$0.9693 at 9:10 am ET on June 28, up 0.93%, while its volume fell 7.55% to US$411.88 million in the trailing 24 hours. It has a market cap of US$581.58 million, and its fully-diluted market cap is US$5.81 billion. GMT has a maximum supply of 6 billion, with a circulating supply of 600 million. It returned gains of 18.4% in the last seven days.

The GMT’s highest price was US$1.29, and the lowest price was US$0.5401 in the last 30 days.

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Bottom line:

STEPN announced on June 21 that it introduced the Sneaker Enhancement feature in the latest version of its app. The feature allows users to burn five low-quality sneakers to receive a better one. It added that it has also adjusted its energy sharing rules. Since the crypto market has various risks, investors should closely evaluate digital assets before investing.

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