Solana’s STEPN hits record high as GMT price skyrockets 34,000% in over a month

STEPN (GMT), a so-called “move-to-earn” token utilizing the Solana (SOL) blockchain, has soared extremely since its market debut in March.

GMT’s value jumped from $0.01 on March 9 to a document excessive of $3.45 on April 19 — a 34,000% upside transfer in simply 41 days (information from Binance). Its huge uptrend appeared primarily because of the hype surrounding decentralized finance (DeFi) initiatives that reward customers in tokens for staying lively.

For example, the costs of GMT and its high rivals, together with Genopets (GENE) and dotmoovs (MOOV), exploded massively on a 24-hour adjusted timeframe, information on CoinGecko exhibits.

Nonetheless, STEPN remained probably the most beneficial move-to-earn (M2E) challenge, with its market capitalization closing in on $2 billion. 

The efficiency of M2E tokens that includes GMT. Supply: TradingView

What’s pumping GMT?

One main cue behind the GMT’s value rally comes from STEPN’s latest earnings report. Notably, the challenge made a revenue of over $26.81 million from “royalty charges” and the sale of its “NFT Sneakers” within the first quarter of 2022, official information exhibits.

Intimately, shopping for NFT Sneakers allows customers to play STEPN, which, in flip, permits them to earn its in-game token, known as the Inexperienced Satoshi Token (GST). Later, merchants can change their GST rewards for SOL or USD Coin (USDC).

STEPN makes use of its income to first buyback GMT, its governance token, from secondary markets (exchanges, over-the-counter platforms, and so forth.) after which burn them on-chain, successfully eradicating them from circulation out of the 600 million GMT in complete. 

Technicals sign overbought

The most recent bout of shopping for within the GMT market has made the token overbought, in accordance with its four-hour relative energy index (RSI) studying, which sits above 70 — a promote sign.

GMT/USD four-hour value chart. Supply: TradingView

Associated: Transfer-to-earn: An lively play-to-earn offshoot

Technically, GMT/USD is now testing its earlier document excessive of $3.14 as its interim assist. A transfer beneath the extent raises the pair’s potential of working down in the direction of its 50-day exponential shifting common (50-day EMA; the crimson wave) close to $2.52, about 20% beneath April 19’s value.

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