With most altcoins having seen significant price increases lately, one called STEPN (GMT) has broken the ranks by rising more than 320% in the last fortnight.
At the time of writing, it was trading at $2.31 after a slight retracement from a daily high of $2.46, but still in the green with a 12.30% gain in the past 24 hours.
This article takes a look at the factors behind STEPN’s current price rise.
STEPN is a Web3 lifestyle app launched on the Solana blockchain with fun features and game design. It has two tokens; Green Metaverse Tokens (GMT), the governance token, and Green Satoshi Token (GST), which is used as a game token.
To earn GST tokens, users will be given NFT sneakers with built-in switching function for jogging, walking or running outdoors, users will be rewarded for running or walking. GST earnings are then stored in an in-app wallet and can be used to create new sneakers or upgrade the game level.
Why is the price of STEPN (GMT) rising?
There are three main factors attributed to the current rise in GMT price. These include the recent announcement about Nike and Adidas sportswear by a STEPN representative, STEPN’s partnership with Binance, and STEPN’s plan to adopt a move-to-earn method.
Announcement about Nike and Adidas sportswear
During an interview, one of the STEPN representatives whose identity was not disclosed said that they have an upcoming announcement about major sportswear companies such as Nike and Adidas.
“Major sports brands like Nike and Adidas are known for shaping the walking and running market. Do you see these players as a threat in the future? You’ll see we have an announcement about this very soon.”
STEPN partnership with Binance
In a tweet earlier this week, STEPN hinted that it was planning a secret partnership with a crypto exchange, Binance.
A start of many possibilities! pic.twitter.com/jfYPB7Pwe0
— STEPN | Public Beta Phase III (@Stepnofficial) March 28, 2022
Moreover, during a Solar Eco Fund interview, they said that in order to remain competitive, they will adopt the move-to-earn crypto project to maintain a high return on investment (ROI) on GMT tokens.
“People are striving for high sustainable ROI, we believe we will top the list by providing long-term use cases and burning scenarios of GMT to maintain the high demand for GMT.”
In addition, STEPN plans to turn the STEPN app into an NFT marketplace and social platform.