This Crypto Token Has Surged 31,000% In Just 30 Days!

Time and again, the crypto market has turned a lot of investors into millionaires. While its been a virtue of patience for some, others have been able to make quick gains, primarily due to the sudden and huge surge in the crypto coins held.

Just like that, another crypto coin has managed to pleasantly surprise the crypto world recently.

The 31,000% Surge!

The move-to-earn token named STEPN¡¯s Green Metaverse Token (GMT) has gained a massive 31,000% in profits since its token sale was conducted on Binance Launchpad last month on March 2nd 2022. 31,000 percent. Let that sink in.

This means that anyone who received at least $1,000 worth of GMT tokens during the public sale and did not sell their bag, would have made $300,000 as of April 1, when GMT traded at an all-time high price of $3.11.

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Reasons Behind The Spike?

There are a couple of reasons why GMT has gained 31,000% in a month and more than 300% in the past 7-8 days, as per a report in Cryptopotato.

Firstly, like many other crypto manias in the past, the move-to-earn model is fast becoming the hype and is even slated to even outperform play-to-earn. This is what has led to a significant increase in the number of users on the STEPN and rising demand for GMT.

Secondly, earlier last week, a STEPN spokesperson gave subtle hints about a potential partnership deal with a major sports brand. The project took it a notch further by sharing an artwork containing hidden logos of popular brands like Adidas, Nike, Asics, Head, and even Binance. The news spread like wildfire, and euphoria filled the air, which again led to more demand for GMT.

Coincodex

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What is STEPN (GMT)?

STEPN is a move-to-earn cryptocurrency social-fi application built on the Solana network. The platform describes itself as a ¡°web3 lifestyle app¡± that rewards users for maintaining a healthy lifestyle through walking, jogging, or running.

While Move-to-earn is still a relatively new concept, but it is similar to the play-to-earn model because it adopts elements of Game-Fi, Social-Fi, and NFT. However, move-to-earn projects reward users for maintaining healthier lifestyles instead of solely playing games.

Since its public beta launch in December 2021, STEPN has seen tremendous growth, with the number of daily active users on the platform jumping from a measly 1,500 in January 2022 to over 1 lakh in March 2022.

More About The Token

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For the uninitiated, users are required to mint, buy, or rent NFT sneakers from the in-app marketplace and start walking, jogging, or running outdoors. Players can also increase their earning potential by levelling up or repairing their sneakers or by upgrading their attributes with gems.

STEPN uses a dual token model like many P2E gaming platforms such as the popular Axie Infinity. This means that the STEPN ecosystem has two tokens dubbed Green Satoshi Token (GST) and Green Metaverse Token (GMT).

GST is STEPN¡¯s unlimited supply utility token, while GMT functions as a governance token with a limited supply of 6 billion units.

The STEPN app rewards users with both GST and GMT, but this depends on the users¡¯ level and ownership status of the sneakers. For instance, new users or users renting sneakers can only earn GST, while sneakers owners who have levelled up can earn GMT.

Also Read: This Indonesian Student¡¯s '$3 NFT Selfies' Are Now Worth Millions!

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