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GMT Surges Above $4.0 Amid Continued STEPN Platform Growth

Key Points

  • STEPN’s GMT has continued its stunning bull run this week, surpassing $4.0 per token for the first time on Thursday.

  • The bull run has been driven by excellent growth in STEPN’s move-to-earn platform in recent weeks.

  • STEPN was recently listed on Coinbase and launched a partnership with ASICS.

GMT Update

GMT, the native token of popular and rapidly growing move-to-earn platform STEPN, has continued its astonishing 2022 bull run this week and recently broke out to fresh record highs to the north of the $4.0 level per token.

GMT/USD Chart. Source: CoinMarketCap
GMT/USD Chart. Source: CoinMarketCap

According to CoinMarketCap, the cryptocurrency has gained more than 20% in the last 24 hours. That means the token is on course for a roughly 60% gain on the month.

Gains in the short time since the launch of the token on various crypto exchanges back at the start of March are even more impressive at currently over 26x. Upon its launch, the token was initially trading for around $0.15, as per CoinMarketCap.

STEPN, which runs on the Solona and Binance blockchains, refers to itself as a “Web3 lifestyle app” that aims to incentivise healthier lifestyles by incorporating elements of GameFi. Users can purchase in-game Non-Fungible Token (NFT) sneakers, which they can then use to earn GMT within the game by walking, jogging, or running.

The market cap of STEPN native token GMT is by far the largest within the “move-to-earn” genre at more than $2.4B as of Thursday, which ranks the cryptocurrency as the 45th largest in the entire space.

GMT’s Market Cap. Source: CoinMarketCap
GMT’s Market Cap. Source: CoinMarketCap

Unsurprisingly, the value of these NFT sneakers has soured in recent weeks in tandem with upside in STEPN’s native token, GMT. According to Moonly, the floor price rose to a record high above 16 SOL on Thursday (roughly $1600) versus a mint price back at the start of December 2021 of just 1.3 SOL (under $300).

Behind The Bull Run

The main driver of the bull run in STEPN digital assets over the past few months has been a surge in interest and usage of the platform. According to STEPN’s official Twitter account, Daily Active Users surpassed 400K on 26 April, more than quadruple the number just over one month earlier.

Helping power the growth of the platform has been a series of new crypto exchange listings in recent weeks, with some traders attributing the latest rallies to all-time highs to the news announced this week that Coinbase will allow trading in GMT.

The largest NFT marketplace OpenSeas also recently announced that it would NFT support trade in STEPN’s NFT sneakers, which would be one of the first Solana-based NFTs to be traded on the website.

STEPN has also attracted interest from various well-known fitness brands, which has also helped raise awareness of the platform. Just last week, STEPN launched a collaboration with ASICS, with the new STEPN x ASICS sneakers now available to trade on the Binance NFT marketplace.

The current floor price for this NFT sneaker collection is over $12,000, as per data on Binance’s NFT marketplace.

What Next For GMT?

For the time being, so long as the platform’s growth numbers remain strong, the sky is the limit for GMT. Should the current pace of GMT/USD upside continue, the cryptocurrency could surpass $6.0 per token before the start of June.

STEPN seems to have really tapped into a niche in the crypto space. The question is how long the stratospheric growth rate can go on.

Some analysts have suggested that the rapid run-up in the price of the platform’s NFT sneakers, which are required to participate in move-to-earn, could limit the platform’s growth going forward. That is a key risk that the GMT bulls need to keep an eye on.

This article was originally posted on FX Empire