YEREVAN (CoinChapter.com) – Green Metaverse Token (GMT), the native cryptocurrency of Solana-based walk-to-earn lifestyle app STEPN, is on a freefall.
GMT has constantly been losing steam after rallying over 320% in a month to reach an all-time high of $4.11 on April 28. The token has lost nearly 30% of its gains in the last week alone, pushing its price below the $3 mark. At writing, GMT exchanged hands at $2.59 per token.
Its counterpart in the STEPN app, the Green Satoshi Token (GST), is not fairing well either. GST has been down 28% since April 2.
GMT token’s impressive performance had also placed it among the top 50 cryptos based on market cap. However, after sinking on the charts in the past few days, the token ranks 51, according to CoinMarketCap data.
The steep decline in the GMT price also indicated an extended control of the bears. The bulls would have hoped to consolidate support above the $3-mark, at $3.20 or $3.10. However, the selling pressure now threatens to send the coin tumbling further.
If GMT fails to close the day above $3, the support level could fall to just above $2. Even an extended dip below that, at $1.80, is not out of the question.
GST, the reward token of STEPN, suffers heavy losses
STEPN is a play-to-earn Web3 lifestyle app designed to encourage people to exercise. Created by FindSatoshi Lab LTD, the app rewards users who log their physical activity on the platform. To earn rewards while jogging, running, or walking, users must buy or rent STEPN sneaker NFTs.
While the Green Metaverse Token (GMT) has a fixed supply (6 billion) and serves as the governance token for STEPN, the platforms also offer the Green Satoshi Token (GST). Users earn their rewards in the GST token.
While the GST has no supply limit, the platform has mechanisms to burn tokens by Shoe-Minting, sneaker Repair, Sneaker level up, etc.
After rallying in April to reach an all-time high of $9.03 on April 28, GST has lost all gains to fall to $4.28 while writing. In the past 24 hours, the token has been down almost 15%.
The demand for STEPN sneakers has increased. People sell activation codes, while the official discord channel has 500,000 members.
With the current market bloodbath not sparing any token, it is not surprising to see the steep decline of STEPN’s tokens. However, just how early it will manage to recover remains to be seen.
