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

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

 How is move-to-earn crypto STEPN (GMT) performing amid sell-offs?
Image source: © Kviztln | Megapixl.com

Highlights:

  • 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.

STEPN (GMT) crypto price and performanceData Source: CoinMarketCap.com

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.

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.

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