STEPN (GMT): Why is this crypto up over 30,000% in 45 days?

It looked like it was the execution of a shitcoin; STEPN (GMT) saw its value in until multiply by 300 in 45 days. That makes the project the best cryptocurrency for early 2022. Between an innovative concept and a listing on Binance, a look back at the elements that fueled the strong rise of STEPN.

By 2021, a concept will have marked the entire crypto industry: “play-to-earn”. Indeed, it is the solution provided by a series of projects that allow users to earn money while playing a series of games. The main crypto popularizer of this new concept is Axie Infinity, whose price reached 1000 times by 2021.

This year, a project called STEPN (GMT), developed by Find Satoshi Lab, an Australian company, stands as the flagship of a new concept that should prove as disruptive as “play-to-earn”. Indeed, this time we are talking about “move-to-earn”, the solution that offers the possibility to earn money while walking.

STEPN: an innovative project

Developed on the Solana blockchain, STEPN is the leader in the category of move-to-earn projects, a concept that combines Game-Fi and Social-Fi. It is therefore a web3 “lifestyle” application available on the AppStore and Play Store that promotes healthy daily living.

STEPN provides a gaming framework that allows users to earn money by jogging, running and most importantly walking. To play and collect rewards, players must purchase NFT sneakers, which are virtual sneakers that are exchanged for SOL, at various prices on the STEPN platform.

The player uses his NFT sneakers to perform physical activities, which allow him to earn points and GMT and GST tokens. These are used to upgrade virtual sneakers and purchase other virtual goods in the STEPN app. Users who own NFT basketballs can also rent them out to others on the platform. As a reward, they get a share of the points earned by the borrower.

STEPN contains a dual token system: GMT and GST. The Green Satoshi Token (GST) is a utility token obtained through simple moves. It is available in unlimited quantity. Players use GSTs to upgrade and repair their NFT sneakers

As for the Green Satoshi Metaverse (GMT), it is more of a governance token obtained by participating in gaming activities and walking around. Unlike GST, GMT has a total supply of 6 billion tokens. The holders can use it to upgrade to higher tiers and also exchange it for USDC.

The Binance boost

Like many other promising projects seeking capital and funding, STEPN (GMT) was listed by Binance Launchpad to be listed as of March 9 at a price of $0.01. In less than 21 days of its listing, GMT saw its price multiplied by 100 rise to $1.

The cryptocurrency maintained its uptrend until it reached an initial high at $3. STEPN (GMT) will do much of April within the $2.10 to $2.50 range. For almost two days, however, the move-to-earn protocol has returned to the $3. It even took the opportunity to sign a new ATH on April 22 for $3.80 during the day, although it is currently of writing will eventually drop to $3.10.

What future for STEPN?

We will not be the first to recognize the innovative scope of the STEPN project. It is quite ingenious to combine GameFi with SocialFi. Some observers think it may mimic the same feat Axie Infinity had for his play-to-earn project.

On the technical analysis side, experts fear the asset may be “overbought” over a 45-day period after this long rally. In any case, the RSI in weekly GMT data stands at 67.32. Thus, the cryptocurrency is within three points of the level indicating the overbought trend. Observing the GMT’s RSI curve, we note that it has never fallen below 60.

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