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,
- $240 Million Hacked Crypto Exchange WazirX Reopens Deposits But Faces Community Backlash
- Expert Flags Pi Network Team as Source of Selling Pressure After Reported 1.2M PI Dump
- Ripple’s Chris Larsen Expands XRP Realized Profit to $764M Amid Evernorth Deal
- Just In: Hyperliquid Strategies Eyes $1B Capital Raise, Plans HYPE Token Accumulation
- Senators Reaffirm Commitment to Market Structure Bill After Meeting with Coinbase, Ripple
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing