Altcoins: STEPN - What Is It? GMT Coin Explained
Kucoin Blog 06.04.2022 10:02
Table of Contents
· What is STEPN (GMT)?
· A Look at GMT’s Recent Performance
· Why Has STEPN’s GMT Coin Surged Lately?
· How to Buy GMT Token on KuCoin
· Should You Buy GMT?
What is STEPN (GMT)?
STEPN is one of the latest entrants in the buzzing Web 3.0 space, namely in the lifestyle category. It merges the power of social media with play-to-earn and motivates people to move around more. The app takes inspiration from the success of Axie Infinity to offer a new SocialFi and GameFi experience to its users.
More About the STEPN App
Developed on the high-speed Solana blockchain, STEPN’s claim to fame lies in its ranking fourth out of more than 500 projects that participated in the Solana Ignition Hackathon in 2021. The GameFi dApp offers sneakers as NFTs to users, rewarding them to walk, jog and run outdoors.
The Web 3.0 lifestyle app STEPN was devised as a social, GameFi experience to motivate users towards adopting a healthier lifestyle and to get moving via NFT sneakers. The app also strives to tackle climate change with fun social elements which can keep users engaged with the purpose of becoming more active.
In January 2022, the startup had raised $5 million in seed funding. Investors who participated in this round included Sequoia Capital India, Folius Ventures, Solana Ventures, Alameda Research, 6th Man Ventures, and Sfermion. The app also received funding from some prominent angel investors during this round.
STEPN's Green Metaverse Token (GMT): Explained
GMT is the governance token of the STEPN ecosystem while the users earn the game token GST as rewards for their activities. The GMT token was recently listed on the KuCoin exchange and has become one of the top-performing crypto gems on the platform.
The GMT coin has a circulating supply of 600 million as of April 2021. The total limited supply of STEPN's governance token is fixed at 6 billion.
The game lets players buy GMTs and perform activities to earn GST tokens. These tokens can be used to make in-app purchases, move to higher levels, mint new NFT sneakers, or exchange for cash.
STEPN’s in-app marketplace lets users lease or sell their NFT sneakers in exchange for more GST tokens. These tokens are stored in the app’s very own wallet.
In this article, we’ll take a look at all the key aspects of STEPN and its Green Metaverse Token, including the reasons behind the surge and how to invest in it. Let’s start with a review of GMT’s performance in recent days.
A Look at GMT’s Recent Performance
At the time of writing, STEPN (GMT) ranks 69 in terms of market cap in the crypto market on Coinmarketcap. This is a remarkable feat considering STEPN’s public beta launch happened just over a quarter ago, in December. This was followed by a private token sale in January when the developers sold 16% of GMT total supply to raise $5 million from prominent venture capital firms.
STEPN Leads List of Top Trending Coins on Coinmarketcap | Source: Coinmarketcap
Since the beginning of March, the GMT price and market cap have surged significantly. In the past week alone, the STEPN governance token has gained more than 273% of its value, making it one of the biggest gainers among the top 100 cryptos and the most trending coin on Coinmarketcap.
The month of March has been an especially volatile one for the GMT cryptocurrency, which has seen its value touch an all-time low of $0.1003 on 11 March. From then, it has hit an all-time high of $3.11 on 1 April. The STEPN token’s value has since eased lower, possibly driven by profit taking among short-term crypto traders.
Why Has STEPN’s GMT Coin Surged Lately?
The uptick in GMT price and market cap has been stemmed from a combination of several supporting factors. Let’s take a look at some of the fundamentals that are supporting the bullishness in the GMT coin lately.
GMT Price Surges | Image source: KuCoin TradingView
More Users Downloading And Enjoying STEPN App
The STEPN app remains in the public beta phase but has been gaining strong traction among users. The Android app has already been downloaded by more than 100,000 users with an average review of 4.4 on the Google Play Store.
GMT Trading Volume Rises After Multiple Exchange Listings
The GMT coin has been listed on several leading cryptocurrency exchanges, including KuCoin, in recent weeks. This has further piqued crypto investors’ interest in the token and contributed to an uptick in its trading volume.
The promising fundamentals behind STEPN and the rapid ascent of the GMT coin into the top 100 cryptos’ list by market cap have increased interest among crypto traders in buying the coin. Many traders have been buying GMT in a bid to get in early, amid expectations of strong performance in the coming months.
The uptick in Social Sentiment Also Sends More Buyers Towards GMT
A look at the Google Trends data for STEPN GMT reveals rising interest in the cryptocurrency during March. After holding steady through most of January and February, the token has seen numerous spikes in online search volumes in recent weeks.
Rising Interest in STEPN (GMT) Among Online Users | Image Source: Google Trends
This suggests an increasing interest in both the app as well as its native token, both of which play key roles in driving up the value of the GMT coin. An uptick in search volumes suggests higher levels of attention being paid to the crypto, which offers support to the STEPN price in the near-term.
Other Developments Suggest Rising Investor Interest in STEPN
There is growing speculation that STEPN could be gearing up to announce several key brand partnerships, which could catapult its popularity even further. On March 29, the app’s official Twitter handle offered such a hint when it posted a graphic containing the logos of several prominent sports brands, including NIKE, ASICS and Puma.
There is also considerable bullish momentum building up in the token following an announcement from Morningstar Ventures regarding GMT’s inclusion within its portfolio earlier this week. Led by CEO Danilo S. Carlucci, the company has invested in several blockchain projects and digital assets.
The company has recently announced an investment in STEPN by buying up GMT tokens. These two developments have played a key role in taking STEPN price to an all-time high by the end of March.
Overall Bullish Mood in Crypto Market Also Plays Its Part
After going through a period of lull through the initial weeks of 2021, the crypto market has seen a return of buyers in recent weeks. Bitcoin, the market leader, has surged past the $40,000 mark and headed higher, although it has seen a slight dip in the near-term.
Meanwhile, crypto traders have also turned bullish about Ethereum, sending it back above the key $3,000 level. The bounce higher in the two largest cryptos has boosted investor confidence in cryptocurrencies significantly and helped other digital assets across the board make gains as well.
Comparison of Social Volume of STEPN (GMT) and BTC/USD | Image source: Santiment
STEPN’s GMT has also been helped higher by the return of buyers into the wider crypto sector, helping it trend higher on the charts. The boosted confidence as leading cryptocurrencies head higher has driven the risk appetite among traders higher, causing them to add trending coins such as GMT to their portfolios.
How to Buy GMT Token on Kucoin
STEPN (GMT) is available on multiple markets within the KuCoin exchange, including Spot, Margin Trading Bot and even Lending. If you wish to buy GMT on KuCoin, follow the steps given below:
Register for an account with KuCoin, if you are not yet an existing user. Make sure you complete the KYC verification to enjoy our full suite of services.
Fund your account by using our Fast Buy service to convert your fiat currency into USDT. We offer more than 70 payment methods, including Visa, Mastercard, PayPal and SEPA. You can also add USDT to your KuCoin trading account via our P2P service or by interacting with third-party sellers on our platform.
Head to the Spot Trading section to select the GMT/USDT trading pair. Confirm the latest GMT price before placing your order to buy STEPN. Enter the amount of USDT you wish to exchange for GMT, review the transaction fees and other details before executing the trade.
After the successful execution of your trade, your GMT holdings will appear within the KuCoin trading account. You can choose to hold them in your account or transfer them to an external digital wallet for HODLing.
Professional traders can also trade GMT on our Margin Trading section with leverage for a shot at higher profits with up to 5x leverage.
To further maximize your profits from trading GMT/USDT, check out Kucoin’s Trading Bot service. Our Trading Bot community lets you earn profits by connecting with our network of global traders and learning trading strategies from them.
You can also put your GMT crypto to work by heading to our lending section. We offer competitive APYs so you can earn passive income from investing in STEPN’s token. Pick between auto lend and manual set up options.
Should You Buy GMT?
STEPN is an exciting dApp which has captured the attention of several users and investors. Going forward, its partnerships will be key to growth of its adoption and of GMT’s value as well. However, keep in mind that cryptocurrencies are extremely volatile in nature and it is impossible to perform accurate STEPN price prediction on which way the market could go in the future.
We recommend that you invest in GMT only after performing a comprehensive assessment of the GMT to USD price action and the level of risk you are willing to take. In addition, ensure that you perform your own research and analysis of fundamental, technical and sentiment factors before entering new trades to mitigate the risk.
It helps to follow all the latest developments surrounding STEPN and the utility of GMT before making your investment decisions.
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