STEPN, a move-to-earn challenge primarily based on Solana, noticed its governance token GMT spike over 35% in April, broadly outpacing the crypto market.
Whereas the token has consolidated from report highs hit throughout April, it seems to have begun Might on a excessive be aware. GMT is up 1.1% previously 24 hours at $3.53.
GMT’s beneficial properties by way of April noticed it break into the top-50 cryptocurrencies by market capitalization. A bulk of the hype round GMT is pushed by its potential partnerships with high-profile sports activities retailers.
Growing recognition of the move-to-earn mannequin can also be anticipated to learn the token.
STEPN set for large beneficial properties?
The STEPN group has outlined a number of plans to extend its platform development and engagement. On Sunday, the challenge kicked off the fourth phase of its public beta, which incorporates an airdrop.
The challenge additionally seems to attracting some consideration from main sports activities manufacturers. In April, STEPN tied up with trainers maker Asics to launch an NFT assortment by way of Binance. G
The GMT token was additionally not too long ago added by prime exchanges Coinbase and Gemini. NFT market OpenSea including buying and selling of STEPN’s sneaker NFTs, a vital a part of the challenge.
GMT now sits at a market capitalization of over $2 billion. However by a worth foundation, the token nonetheless seems to be comparatively cheaper than a number of different gamers within the top-50 crypto area. This comparatively approachable worth, coupled with a powerful development plan, might catapult the token larger.
Different move-to-earn tokens additionally rise
Whereas STEPN is by far the largest move-to-ear challenge, beneficial properties in its tokens have attracted shopping for right into a slew of different comparable initiatives.
Information from Coinmarketcap exhibits the area is the second-best performing class of tokens previously 24 hours. The opposite prime move-to-earn initiatives are all up between 3% to 40% previously 24 hours.
Most notably, augmented actuality token Dotmoovs (MOOV) surged over 34% previously 24 hours,
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