The GMT token of the current popular M2E application, STEPN, has just reached an ATH at 3.8 USD, up more than 70% from 2.3 USD while the whole market is on fire.
GMT, the token of the project that leads the Move-to-Earn STEPN movement, has grown by more than 50% in value in just the past 24 hours. Compared to the IEO price at $0.01 on March 9, GMT has now reached an ATH at $3.8 before correcting and taking STEPN’s capitalization officially over the $2 billion.
To explain this GMT growth, many investors attribute it to STEPN’s recent earnings report. The project earned over US$26.81 million from “royalty fees” and the sale of NFT shoes in the first quarter of 2022. The project used its profits to buy back 600 million GMT from After that, all these tokens were burned, reducing the circulating supply in the market and helping the GMT token price to grow strongly.
In addition, this growth can also come from STEPN’s latest update on April 18 with many attractive features. Following this update, STEPN added support and expansion to the BNB Chain network to enhance the user experience that kicked off the IGO event on the Binance NFT Marketplace. One of the big changes in this update is that users need to use more GMT to upgrade shoes at certain levels instead of just GST as before. In the update, STEPN also mentioned more about burning GMT tokens in the game to upgrade shoes, upgrade stats, increase the ability to earn GST, rare shoes from opening Shoebox…
According to technical analysis, GMT will need correction before conquering higher prices. The old top at $3.14 is now being viewed as a temporary GMT support. If the price breaks through this zone, the price can move back to the previous sideway from 2 USD to 2.6 USD.
However, adding support for BNB Chain is said to be a major upgrade for STEPN. BNB Chain is currently one of the blockchain networks with the most users and least network congestion like Solana. BNB Chain is expected to attract new users to STEPN along with the growth in value of GMT tokens in the future.