STEPN (GMT), a move-to-earn coin, surged over 30,000% in 30 days and more than 300% within the past seven days. Here’s why.
The cryptocurrency industry has proven lucrative for anyone interested in massive returns. Besides Bitcoin, which surged more than 5B percent since 2010 July, many tokens have converted average investors to millionaires in a couple of months.
One factor reflecting the upside momentum of digital currencies is amplified hype amid trends, and the crypto space has many of these. Some of the trends that have dominated the market over the year are ICOs, DeFi, NFTs, meme coins, and P2E.
Interestingly, each emerging concept leads to new millionaires in the crypto space, the most recent coming from STEPN’s GMT (Green Metaverse Token).
The move-to-ern coin STEPN gained a staggering 31,000% since its token sale on Binance Launchpad during 2 March trading sessions. That means individuals that received GMT tokens worth $1,000 during the public sellers would have accumulated $300,000 as of 1 April, when the token traded at $3.11 ATH.
About STEPN (GMT)
STEPN is among the move-to-ear crypto social-fi app created on the Solana blockchain. The platform dubs itself a ‘Web3 lifestyle application,’ which rewards individuals for keeping a healthy lifestyle via running, jogging, or walking.
Move-to-earn is somewhat a new concept but resembles the P2E model as it adopts NFT, Social-Fi, and Game-Fi elements. Meanwhile, move-to-earn rewards individuals for keeping a healthy lifestyle and not playing online games.
STEPN has witnessed impressive growth since the beta launch in 2021 December, with daily platform users increasing from January’s 1,500 to more than 100,000 during March sessions. Most individuals join STEPN as they believe it might develop as the Axie Infinity (AXS) of move-to-earn tokens.
The project seed round accumulated $5 million in January. That came from selling approximately 16% of GMT to leading figures in the space, including Solana Ventures, Folius Ventures, and Alameda Research.
Why is GMT Surging
Several reasons explain GMT’s more than 30,000% monthly and 300% weekly surges. Like most new crypto projects in the past, move-to-earn modes see increased hype and may even outshine play-to-earn. That has attracted many people to STEPN, increasing GMT demand.
Also, the STEPN spokesman hinted at a possible partnership with a leading sports brand early this week. The project stepped further by sharing artworks with concealed logos of renowned brands: Adidas, Binance, Head, Asics, and Nike. The news spread quicker, while euphoria filled the market, increasing GMT demand.