Move-To-Earn Token STEPN Rallies 35% in April, More Gains In Store?

STEPN, a move-to-earn project based on Solana, saw its governance token GMT spike over 35% in April, broadly outpacing the crypto market.

While the token has consolidated from record highs hit during April, it appears to have begun May on a high note. GMT is up 1.1% in the past 24 hours at $3.53.

GMT’s gains through April saw it break into the top-50 cryptocurrencies by market capitalization. A bulk of the hype around GMT is driven by its potential partnerships with high-profile sports retailers.

Increasing popularity of the move-to-earn model is also expected to benefit the token.

STEPN set for big gains?

The STEPN team has outlined several plans to increase its platform growth and engagement. On Sunday, the project kicked off the fourth phase of its public beta, which includes an airdrop.

The project also appears to attracting some attention from major sports brands. In April, STEPN tied up with running shoes maker Asics to release an NFT collection through Binance. G

The GMT token was also recently added by top exchanges Coinbase and Gemini. NFT marketplace OpenSea adding trading of STEPN’s sneaker NFTs, a crucial part of the project.

GMT now sits at a market capitalization of over $2 billion. But by a price basis, the token still appears to be relatively cheaper than several other players in the top-50 crypto space. This relatively approachable price, coupled with a strong growth plan, could catapult the token higher.

Other move-to-earn tokens also rise

While STEPN is by far the biggest move-to-ear project, gains in its tokens have attracted buying into a slew of other similar projects.

Data from Coinmarketcap shows the space is the second-best performing category of tokens in the past 24 hours. The other top move-to-earn projects are all up between 3% to 40% in the past 24 hours.

Most notably, augmented reality token Dotmoovs (MOOV) surged over 34% in the past 24 hours,

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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