Move-to-earn token based in Solana STEPN (GMT) recent price increase has moved it to become the 45th largest cryptocurrency by market capitalization. The addition of the project to numerous popular markets has fueled the token’s recent surge.
GMT, the project’s governance token, has risen about 20% in the last 24 hours to a new high of $4.1024, according to Coinmarketcap data. In the last three months, the token has gained over 3000%, making it one of the best-performing cryptos of the year. It currently has a market capitalization of $2.4 billion.
The token’s initial spike was fueled by rumors that STEPN would partner with a prominent sports brand this year. While the STEPN has yet to make an official announcement on the subject, the possibility has enhanced the value of its token.
Coinbase, OpenSea now support STEPN
Coinbase, the world’s third-largest cryptocurrency exchange, has announced that STEPN’s two tokens, GMT and GST, will now be supported. Coinbase has labeled GST, the token via which STEPN users are given incentives, as an “experimental asset.”
GST has risen about 20% in the last 24 hours and is now trading at around $6.
The world’s largest NFT marketplace, OpenSea, has announced that it would now support the trade of STEPN’s sneaker NFTs. STEPN’s move-to-earn features are accessible with the sneaker NFTs. The NFTs are also the first Solana-based tokens to be supported by OpenSea, which had previously only supported Ethereum-based NFTs.
Coinbase and OpenSea integration follow that of Binance which supported both GMT and STEPN’s sneaker NFTs.
Move-to-earn gains popularity
The popularity of STEPN appears to have spread to other tokens as well. According to Coinmarketcap data, move-to-earn tokens had the strongest performance in the last 24 hours, rising by an average of 11%.
Polygon-based Move-to-earn token-based DEFIT jumped 44% overnight after announcing plans for a new mobile app and website. Dotmoovs (MOOV), an augmented reality sports token, increased by 22%, while Genopets (GENE), the second-largest move-to-earn token, increased by 2%.
Still, with a market valuation of over $2 billion, STEPN is by far the most valuable move-to-earn token. In comparison, GENE has a total value of $49.9 million.
