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

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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 file excessive of $3.45 on April 19 — a 34,000% upside transfer in simply 41 days (information from Binance). Its huge uptrend appeared primarily as a result of hype surrounding decentralized finance (DeFi) initiatives that reward customers in tokens for staying energetic.

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 essentially the most helpful move-to-earn (M2E) venture, 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 venture 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 shows.

Intimately, shopping for NFT Sneakers permits customers to play STEPN, which, in flip, permits them to earn its in-game token, referred to as the Inexperienced Satoshi Token (GST). Later, merchants can exchange 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 on.) after which burn them on-chain, successfully eradicating them from circulation out of the 600 million GMT in whole. 

Technicals sign overbought

The newest bout of shopping for within the GMT market has made the token overbought, based on its four-hour relative power index (RSI) studying, which sits above 70 — a promote sign.

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

Associated: Move-to-earn: An active play-to-earn offshoot

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

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