The Continuous Rise Of The GMT Token.
Despite the week's bearish trend, STEPN (GMT) has achieved significant growth and continues to impress crypto spectators as a hidden gem. Can it become the token of the year?
Last week brought about some radical changes. From Twitter's purchase by Elon Musk (which isn't complete yet) to the subsequent fall in Twitter's and Tesla's stocks which affected the entire market. Only a few cryptocurrencies managed to continue growing, one of which is the STEPN (GMT) token.
In today's article, we are going to dig deeper into the STEPN token and its functions. Furthermore, we are going to discover its price growth during the last 2 months and try to predict whether it can continue recording bullish trends.
What's the GMT token and its main characteristics?
STEPN (GMT) is a "move&earn" token launched last August. It's the governance token of the lifestyle app STEPN, which helps people to earn money by walking, jogging, or running outdoors.
After downloading the app, users will get NFTs in the form of Sneakers. By doing any of the activities mentioned above users are able to earn tokens that can be used in-game or sold for profit. You can visit the whitepaper to get started and make sure that you transfer SOL into the wallet so as to buy NFTs and cover gas fees.
Moving on to tokenomics, we can see that 600,000,000 GMT have been circulating, making up only 10% of the total supply. 30% of the tokens will be distributed to users through the "move&earn" mechanism and governance participation. People can earn GMT when their Sneakers reach Level 30, have 3 Energy, etc. while there are many GMT burning mechanisms ensuring scarcity (level-up, minting all Sneakers' qualities, Schadenfreude pools, etc.).
How did GMT perform in the last months?
As of March 9th, GMT's price was $0.01. It then followed a crazy route, jumping to its ATH $4.03 just 3 days ago.
On 16th March GMT reached $0.50 and 12 days later it surpassed $1.00. Despite its temporary downtrends nothing was enough to prevent GMT from a sharp rise.
It only took 5 more days to reach $3.00 and after a new fall in value, GMT managed to recover on 18 April and finally reach its ATH on 28 April. Pretty insane for a project with a life of a few months, isn't it?
The success of GMT has been so far attributed to both its unique mechanism and the growing interest in the "move&earn" industry.
Another "move&earn" token that achieved insane returns is FITFI, built on the Avalanche blockchain.
Move-To-Earn Token FITFI on Avalanche has achieved a 50x increase over the price of DAOMaker IDO ($0.0049) after it was launched on OKX and Bybit today. The public offering will release 10% after the launch. The mechanism is similar to Stepn. https://daomaker.com/company/step-app#metrics…
Wu Blockchain, 26th April
In terms of the STEPN project itself, the mechanism is based on fixed supply which increasingly declines with the high demand and provides continuous scarcity. Furthermore based on the litepaper claims, the profits from the app are caused by "small taxes", in particular royalty fees and NFT sales. as well as shoe rentals, where the renter takes only 30% of the total profits.
Can GMT continue its bullish trends and reach new ATHs?
With the recent evolution and our estimations, we can forecast that GMT can continue advancing and reaching new price milestones.
Today STEPN recorded a downtrend surpassing 10% (Notice that all numbers are calculated by the date of publication and thus might not be accurate later.).
Nevertheless, this doesn't mean that the token can't recover and continue growth, even at a slower pace.
First of all, the market constantly resorts to corrections and therefore provides chances for cheaper investments.
Secondly, the interest in the "move&earn" industry has been increasing. This shows the massive potential cryptocurrencies have. Like the internet revolutionized communication, knowledge, and services (among others), crypto revolutionizes money and through Web 3.0 it can make people the owners of their data and work.
Last but not least, it has a mechanism ensuring that supply remains limited and valuable.
In less than 2 months, GMT has surged from $0.01 to over $4.00. This is an important message to all of us about why we should hold our cryptocurrencies for life and ensure financial freedom!
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