Why is STEPN (GMT) crypto gaining attention?

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Why is STEPN (GMT) crypto gaining attention?

Why is STEPN (GMT) crypto gaining attention?
Image source: © Yur4you | Megapixl.com
Highlights:
  • STEPN describes itself as a Web3 lifestyle application that combines social elements and a gamification model.
  • The GMT token can be traded on exchanges like Binance, FTX, BingX, etc.
  • GMT reached an all-time high of US$2.29 on March 30, 2022.

As play-to-earn digital games become common, a new craze is fast catching up with people. The move-to-earn crypto games, such as STEPN (GMT), are rapidly gaining ground.

The STEPN (GMT) token was up over 7%, while its trading volume was down 41% in the last 24 hours to Thursday morning.

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What is STEPN (GMT) crypto?

STEPN is a Web3 lifestyle application that engages social elements and a gamification model. It equips users with non-fungible token (NFT) sneakers to earn GST (Green Satoshi Token) tokens through physical activities like walking and jogging.

GST is a gaming token of the STEPN network and is used for minting or leveling new sneakers.

STEPN was created by an Australia-based financial technology studio named Find Satoshi Lab. In 2021, it won the Solana Ignition Hackathon Gaming Track. Find Satoshi Lab is part of the DeFi Alliance Gaming cohort.

Besides the GST token, which has unlimited supplies, STEPN has a governance token called Green Metaverse Token (GMT), with a finite supply of six billion.

The GMT token is available for trading on exchanges like Binance, FTX, BingX, etc.

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Why is the GMT token rising?

STEPN’s increasing popularity is due to its innovative operating mode, evidenced by its price rally since its launch on March 9. Players or users burn the GMT tokens in the STEPN application after purchasing them on the platform. It is done for minting high-quality sneakers, upgrading gems, participating in governance voting, etc.

However, the hype surrounding STEPN's possible partnership with various sports brands and Binance may have helped gains in the token. Social media users speculated that STEPN might partner with big sports brands like Nike, Adidas, Head, etc.

In addition, on March 29, STEPN shared an artwork reflecting various hidden brand logos, including one that appeared like the Binance logo. These partnerships, if they happen, could open vast opportunities for STEPN projects.

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STEPN (GMT) crypto price and performanceSource: *Data provided by CoinMarketCap.com

Bottom line:

The GMT token was priced at US$2.15 at 7:22 am ET on March 31, up 7.59%, while its volume for the past 24 hours declined 42.27% to US$3.07 billion. It has a market capitalization of US$1.28 billion, and its fully diluted market cap is US$12.89 billion.

The token saw the highest price of US$2.29 and the lowest price of US$0.6782 in the last seven days. It has reached its all-time high of US$2.29 on March 30, 2022. Meanwhile, the GMT token has returned gains of 183.68% over the past seven days.

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