With the increasing growth and adoption of the NFT technology, the analysts believe that in the near future NFT will drive the development of crypto. Recently the governance token of a run-to-earn NFT mobile game STEPN spiked over 40%, while most of the market was struggling to break resistance. Read our STEPN coin price prediction to understand how the surge happened and for how long the asset will rise.
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STEPN Fundamental Analysis
STEPN is a Web3 Lifestyle App with GameFi and Social-Fi elements, launched on Solana blockchain. It is a Move2Earn NFT game combined with the fitness app, where the players can get NFT sneakers and then earn tokens by walking, jogging, and running. STEPN aspires to revolutionize the market of fitness applications and motivate people to live a more healthy lifestyle.
Through the outside activities, the users get Green Satoshi Token (GST). Each pair of sneakers return GST at different rates depending on the efficiency attribute. The app plans to add a Marathon mode in the future with weekly and monthly races, so the users can earn and compare their achievements and win extra rewards for the top ranks.
The project was founded in August 2021 by Australian entrepreneur Yawn Rong and game developer Jerry Huang. STEPN raised $5 million in a seed round from big venture capital companies like Solana Capital, DeFi Alliance, Folius Ventures, etc.
The App was launched in December 2021 and started trending soon after, jumping from 1500 daily users in January to more than 100 000 in April. According to the STEPN blog post from April 1, the company earned almost $29 million from the sneaker NFTs.
The project follows a dual-token model, with GST utility asset and GMT as a governance token for the app. Users get the possibility to earn GMT after they update their sneakers to level 30. The total supply of GMT is 6 billion tokens. The halving of the total release is halved every three years.
STEPN Live Price Chart
From March 9, the price of the GMT token was rising monstrously starting from $0.01 and reaching the all-time high of $4.11 on April 24. It reached the first milestone of $0.4 in the first 5 days, went for a short and mild correction and continued to grow. On March 28 the GMT token was already traded for $0.78 but in the last days of the month skyrocketed to $2.1.
On April 1, the STEPN governance token reached $3.09, but couldn’t sustain the price and was rejected to a new support level of around $2.1. The token was steadily gaining the price for the next 2 weeks and then jumped to $3 again on April 19. The GMT value then was corrected and then surged again on April 27 going from $3.3 to $3.8 and then to the all-time high.
The price of the GMT coin gained around 45% of the price during the last week. Since the beginning of the month, the STEPN token price chart was strongly bullish and according to all the indicators, the bullish tendency for GMT will continue in the near future.