YEREVAN (CoinChapter.com) – Green Metaverse Token (GMT), introduced by Solana-based Web3 lifestyle app STEPN, traded at $2.90 in the Asian-Pacific session on Apr. 1, after packing nearly 320% in value since Mar.26. Moreover, the second quarter found the token ranking #64 by market cap, a nearly 20-rank jump in the previous 24 hours.
However, the token’s lowering trading volumes hinted at an upcoming correction as the price continued to soar. Moreover, the relative strength index (RSI; momentum indicator) charted through ‘overbought’ territory since Mar. 28, which might hinder further price appreciation.
Why did GMT surge?
GMT is the app’s governance token. In detail, STEPN’s tokenomics model is similar to that of the play-to-earn (P2E) game Axie Infinity. Thus, GMT plays a similar role to AXS.
STEPN is a blockchain-based Metaverse with GameFi features, where users can “make handsome earnings by walking, jogging, or running outdoors.” The company claims to “solve the challenge of fitness” by introducing a monetary incentive.
Also read: HSBC buys land on Sandbox metaverse as SAND eyes massive bullish move.
The app is in Phase 3 of its public beta. However, it has amassed over 100,000 downloads on the Google Play store and over 152,000 followers on Twitter. The weekly GMT surge came in the wake of STEPN gaining support from global crypto exchange Binance as the latter facilitated the token sale.
Moreover, the STEPN team hinted at upcoming collaborations with large sportswear companies.
Does STEPN have an Ace up its sleeve?
In an interview with Solar Eco Funds, the STEPN team suggested possible partnerships with large sports companies.
Big sports brands like Nike and Adidas are known for shaping the market regarding walking and running. Do you see these players as a threat in the future?
You will see we have an announcement about this very soon.
read the interview
Additionally, Solar Eco Funds asked the team about their plant to outrun the competition. STEPN replied that the GMT token has “halving mechanics” in place, along with burning scenarios of GMT to maintain the high demand. The team added that “users will chase after GMT, a finite supplied token.”
Also read: Will the Metaverse adoption exacerbate mental health issues? Experts chime in.
Meanwhile, STEPN’s roadmap indicated that the app plans several upgrades for the second quarter. It aims to upgrade its in-app wallet in April and launch a multi-chain wallet in May. Additionally, the platform plans to launch a multi-chain marketplace in Jun. 2022.
