Move-To-Earn Token STEPN Dashes Into Top-50 Cryptos, Here’s How

Solana-based move-to-earn token STEPN (GMT) is now the 45th largest cryptocurrency by market value, following a recent price surge. The token’s latest rally is spurred by the addition of the project to several popular marketplaces.

GMT, the governance token of the project, rallied nearly 20% in the past 24 hours to a record high of $4.1024, data from Coinmarketcap showed. The token has rallied over 3000% in the past three months, and is among the best-performing cryptos this year. Its current market capital is about $2.4 billion.

The token’s initial rally was sparked by speculation that STEPN will partner with a major sports brand this year. While the STEPN is yet to make an announcement on the matter, hype around the possibility boosted its token.

STEPN now supported by Coinbase, OpenSea

In a big boost for adoption, world no.3 crypto exchange Coinbase said it will now support STEPN’s two tokens, GMT and GST. GST, which is the token through which STEPN users are given incentives, will be given an “experimental asset” label by Coinbase.

GST surged nearly 20% in 24 hours, and is trading around $6.

OpenSea, the world’s largest NFT marketplace, said it will now support the trade of STEPN’s sneaker NFTs. The sneaker NFTs grant access to STEPN’s move-to-earn features. The NFTs are also among the first Solana-based tokens supported by OpenSea, which until recently supported only Ethereum-based NFTs

The Coinbase and OpenSea integration follows earlier support by Binance for both GMT and STEPN’s sneaker NFTs.

Move-to-earn in vogue

STEPN’s growing popularity also appears to have spilled over to other tokens. Data from Coinmarketcap shows that move-to-earn tokens were the best performing category in the past 24 hours, up an average 11%.

Polygon-based move-to-earn token DEFIT rallied 44% overnight after it announced plans for a new mobile app and website. Augmented reality sports token Dotmoovs (MOOV) surged 22%, while the second-largest move-to-earn token, Genopets (GENE), added 2%.

Still, STEPN is by far the biggest move-to-earn token by market capitalization, at over $2 billion. By comparison, GENE’s total value is $49.9 million.

With more than five years of experience covering global financial markets, Ambar intends to leverage this knowledge towards the rapidly expanding world of crypto and DeFi. His interest lies chiefly in finding how geopolitical developments can impact crypto markets, and what that could mean for your bitcoin holdings. When he isn’t trawling through the web for the latest breaking news, you can find him playing videogames or watching Seinfeld reruns.
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