StepN’s Green Metaverse Token Soars

StepN’s Green Metaverse Token (GMT) formed a God candle on Friday, emerging as one of the top-performing cryptocurrencies.

Price Surge

The price of StepN (GMT) surged by 50%, hitting an intraday high of $0.2275, its highest since December 9.

This rebound coincided with significant gains in Bitcoin and other altcoins, including Virtuals Protocol, Fartcoin, Hyperliquid, and Raydium.

User Growth

There was no immediate news driving this price increase. A likely catalyst is the rise in StepN users, which reached 97, its highest since December 30. However, this remains lower than last month’s peak.


Partnership Expansion

The rally occurred weeks after StepN expanded its partnership with Adidas. Together, they plan to release 1,200 limited-edition sneakers for NFT holders, spurring user interest.

> 👟 Not your size? No problem!
> The #STEPNGO x @adidas trading period is open until 6th January, 8 AM UTC. Find your perfect match on MOOAR и ensure your Ultraboost 5s fit like a dream. ✨
> 👉 Start trading: link
> More details: link
> — STEPN GO – GUINNESS WORLD RECORDS HOLDER (@Stepnofficial) December 24, 2024

Market Conditions

Another factor contributing to the power surge in GMT’s price could be low market liquidity due to the Christmas holiday. Such periods can lead to price manipulation in low-volume cryptocurrencies.

The surge was also fueled by South Korean traders. According to CoinMarketCap, Upbit accounted for over $311 million of GMT’s trading volume on Friday, holding a 25% market share. Binance and Bybit followed with $219 million and $27 million, respectively.

StepN Overview

StepN gained popularity for introducing a move-to-earn concept where users buy sneaker NFTs and earn rewards for simple activities like walking and running. However, similar trends have seen a decline in usage over time.

GMT Price Analysis


The daily chart indicates that GMT formed a God candle on Friday, reaching $0.2275. This rise followed a solid support along the ascending trendline from the lowest points since August last year. Typically, assets can go parabolic upon hitting significant support levels.

GMT has surged above the 23.6% Fibonacci Retracement level and the 50-day moving average, reaching the upper limits of the Murrey Math Lines trading range. However, these gains may be temporary due to the absence of substantial news driving them. If this occurs, the token might retest the strong pivot level at $0.15.

Conclusion

The success and volatility of StepN highlight the dynamic nature of the cryptocurrency market, marked by user engagement and trading volume, especially in festive periods.