Token move-to-earn STEPN entered the top 50 cryptocurrencies

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2022-04-30 01:42:21

The Solana STEPN (GMT)-based move-to-earn token is currently the 45th largest cryptocurrency by market value, following a recent bull run. The token’s latest bull run was driven by the project’s addition to several popular markets.

GMT, the project’s governance token, is up nearly 20% in the past 24 hours to a record high of $4,1024, data from Coinmarketcap shows. The token has gained over 3000% in the past three months and is one of the best performing cryptocurrencies this year. Its current market capitalization is around $2.4 billion.

The token’s initial bull run was fueled by speculation that STEPN will partner with a major sports brand this year. Although STEPN has yet to make an announcement on the matter, the hype surrounding this possibility has boosted the token price.

STEPN is now supported by Coinbase, OpenSea

The world’s number 3 cryptocurrency exchange Coinbase said it will now support two tokens of STEPN, GMT and GST. GST, which is the token through which STEPN users are favored, will be labeled an “experimental asset” by Coinbase.

GST is up almost 20% in 24 hours and is trading around $6.

OpenSea, the world’s largest NFT marketplace, says it will now support the sale of STEPN sneakers NFTs. NFT sneakers grant access to STEPN’s monetization features. NFTs are also among the first Solana-based tokens to be supported by OpenSea, previously only supporting Ethereum-based NFTs.

Move-To-Earn is trending

STEPN’s growing popularity seems to have spilled over into other tokens as well. Data from Coinmarketcap shows that move-to-earn tokens have been the best performing category over the past 24 hours, growing 11% on average.

The Polygon DEFIT-based move-to-earn token jumped 44% overnight after announcing plans for a new mobile app and website. Augmented reality sports token Dotmoovs (MOOV) is up 22%, while the second-largest move-to-earn token, Genopets (GENE), is up 2%.

However, STEPN is by far the largest move-to-earn token by market capitalization, with over $2 billion. For comparison, the total value of GENE is $49.9 million.

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