STEPN (GMT) on Coinmarketcap
Every now and then an altcoin comes along that goes up and up and shows no sign of slowing down.
In late 2021 that was Shiba Inu, which is still trending from time to time on Coinmarketcap.com, currently the #2 trending coin on the coin price tracking site.
The top trending coin right now in Q2 2022, currently going viral, is STEPN (GMT).
GMT, Green Metaverse Token, is the governance coin of the STEPN app, which runners and joggers – even walkers – can use to earn crypto while exercising, in the form of GMT and GST (Green Satoshi Token). The more they exercise, the more they earn.
It’s a fun, novel and interesting use case and the STEPN app arguably has more lasting appeal and utility than meme coin Shiba Inu (SHIB) does.
The GMT price has been exploding as the number of users of the STEPN app has been increasing – downloading it and minting sneaker NFTs, their ticket to play the game and start earning profits.
STEPN is now the #29 app on the App Store in the Health & Fitness category.
GMT price chart via Coingecko
GMT is perhaps more comparable to being the next Axie Infinity rather than the next Shiba Inu. That play to earn (P2E) crypto game’s native token AXS went on a bull run from $0.10 to $166.09 on Binance – a 1661x run in 12 months.
GMT coin launched at $0.01 in March and today hit a new all-time high of $3.83 on Binance – a 383x run so far for the ‘move to earn’ governance token.
The GMT price is currently trading at around $3.50, up approximately 100% so far in April.
GMT is yet to be listed on Coinbase and may continue to go up in 2022 until it is listed – popular new altcoins tend to pump in anticipation of being listed on the largest crypto platform in the US.
As noted in the below GMT price prediction video Bitcoin is back above $41,000 and many altcoins are rallying as investor confidence increases for more risk-on assets.
Fears that Bitcoin may crash to the 20k level seem to have passed, resulting in a mini ‘altcoin season’. On-chain data suggests that long-term holders of Bitcoin are not selling, and in fact whales are continuing to buy and accumulate BTC, either on crypto exchanges or OTC (over the counter).
The fear and greed index was in extreme fear as Bitcoin briefly wicked down to $38,400 on April 18th and the RSI reached oversold levels. However that ‘fake out’ move to the downside was immediately bought back up by buyers.
When Bitcoin goes up, the total crypto market cap and most altcoin prices follow.
On April 19th the GMT price put in a new ATH, flipping resistance levels into new support. As that crypto Youtuber notes during his technical analysis (TA), $3.83 was the 1.618 Fibonacci extension and his price target in the bullish case.
That proved to be an accurate GMT price prediction in the short-term.
In the long-term, the GMT marketcap is still only currently $2.1 billion, and it hasn’t broken into the top 50 coins – GMT is currently ranked #54 on Coinmarketcap.
Shiba Inu hit a market capitalization of over $40 billion at its peak (now $13 billion), and is still the #15 largest coin. If GMT can flip Shiba Inu from here, that would be about a 7x increase in valuation – making the GMT price over $20.
If Green Metaverse Token can reach the highest marketcap SHIB had, that would be a 20x gain – putting the most optimistic GMT price target at around $70.
The GMT total supply is lower than that of Shiba Inu – 6 billion coins compared to 549,063,278,876,302 for SHIB.
GMT coins also have an in-built burn mechanism to reduce the circulating supply over time.
In the medium term, GMT could flip AXS which is the #44 ranked coin now that the Axie Infinity hype has died down – with a market cap 33% higher than GMT coin today, $2.8 billion. That would put the price of GMT at almost $5.
As well as Binance, GMT has been listed on Bybit, with both a spot trading and perpetual futures pair to margin trade GMT with leverage. Bybit exchange has a high trading volume which could help the GMT asset grow in price.
One of the most positive signs for a continued GMT bull run is the line-up of venture capital (VC) investors in the STEPN project:
Co-founder of the STEPN app Yawn Rong commented:
‘Even though we have grown 100x in the last few months, this is only the start of our journey. We have many exciting things in our roadmap such as multi-chain support, brand partnerships and new GMT use cases with many exciting projects. Watch this space!’
His partner Jerry Huang added:
Our community is the mainstay of our growth and seeing them rewarded is our biggest motivation. Currently, a new player can earn good returns by walking / running even for 10 minutes, and a savvy player can earn not only handsome token returns but other NFT rewards every day!
In Q3 2022 according to the whitepaper STEPN will introduce a sneaker NFT rental system so that users can use the app without having to buy sneakers themselves – that will remove the issue of the expensive floor price of the sneakers and allow more users to be onboarded.
Note – Green Metaverse Token is not to be confused with GMT Token, which also has the ticker GMT.
Cryptoassets are a highly volatile unregulated investment product.
This article was written for Business 2 Community by Michael Abetz.
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Michael has been investing in cryptocurrency since the 2017 bull run, and is a freelance writer producing educational material on decentralized finance topics online.… View full profile ›
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