Solana-based STEPN up 34,000% in 41 days

STEPN (GMT), the “move-to-earn (M2E; earn by moving) token using the Solana blockchain, has seen an incredible increase in value since its launch in March.

In the 41 days from March 9 to April 19, the GMT price gained 34 thousand percent and rose from $0.01 to $3.45. Cryptocurrency’s strong uptrend comes mainly from interest in DeFi projects that reward users with tokens for being active.

The price of GMT and its major competitors such as Genopets (GENE) and dotmoovs (MOOV) has exploded in the past 24 hours.

STEPN continues to be the most valuable move-to-earn (M2E) project with a market value of nearly $2 billion.

Solana-based STEPN up 34,000% in 41 days
Price performance of M2E tokens. Source: NewsOfFinance

What drove the GMT price up?

STEPN’s latest financial report represents one of the biggest factors behind the GMT rally. Project, to official data In the first quarter of 2022, “NFT Sneakers” made $26.81 million in sales and royalties, according to the report.

Users who purchase NFT Sneakers gain the right to play STEPN, which allows them to earn the token for the game called Green Satoshi Token (GST). GST reward earned, then SOL or USD Coin (USDC) can be replaced with

STEPN uses its profits to first buy back the governance token GMT on secondary markets and then burn it on-chain. The project aims to remove a total of 600 million GMTs from circulation.

Technical over-bullish signal

GMT’s recent price rally has caused the token to rise too high relative to the four-hour relative strength index (RSI). RSI above 70 points gives a sell signal.

Solana-based STEPN up 34,000% in 41 days
Four-hour price chart of the GMT/USD pair. Source: NewsOfFinance

GMT/USD is currently testing the old record $3.14 as intermediate support. If the pair breaks below this level, the probability of a return to the 50-day exponential moving average (50-day EMA; red wave), i.e. $2.52, which is about 20% below the current rate, will increase.

The ideas and opinions expressed here are solely those of the author. It may not reflect the views of Cointelegraph. Every investment and trading involves risk. You should do your own research before making a decision.

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