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Move-to-Earn Altcoin Explodes 146% in Seven Days As Bitcoin and Crypto Markets Move Sideways
A lifestyle app that rewards users for participating in outdoor activities is seeing its newest token race up the charts.
STEPN (GMT), a move-to-earn blockchain project that osofaia by a staggering 20,000% after launching earlier this year, is now gaining even further momentum with the creation of a second digital asset on a different chain.
The fitness project was initially built on Solana (SOL) with a dual-token system: Green Metaverse Token (GMT) for voting and staking and Green Satoshi Token (GST) for delivering rewards for walking or running.
Now there exists a second version of GST that operates on the Binance Smart Chain (BSC), which is rallying and decoupling from its Solana counterpart.
Colin Wu o Wu Blockchain faamatala the price discrepancy to his 219,100 Twitter followers by noting that the BSC version is being used to purchase expensive non-fungible tokens (NFTs). He also notes that there’s no bridge between the two chains.
“Stepn Token GST on BSC has exceeded $40, 9x compared to the GST price on Solana. NFT floor prices on BSC have been pushed up to $13,000.
The main reason is that Stepn did not build a cross-chain bridge between Solana and BSC. However, GMT is down 21% in the last 7 days.”
Crypto analyst and active STEPN user Nguyen Toan saunia a project breakdown and offers the following insights:
Monthly active users have skyrocketed by over 3,000% from 16,439 on February 1st to 588,001 by May 1st. Monthly NFT sneakers minted rose by over 2,600% from 8,449 on February 1st to 234,765 by May 1st. The current shoe-minting cost is $472.80. The project has allocated approximately $26 million to buy back and burn GMT tokens.STEPN users can earn tokens by purchasing sneaker NFTs from the app and participating in real-life exercise activities which are tracked by their phone’s built-in GPS features. Currently, only the solo participation mode is e faaaogaina i, but the marathon and background modes are in development for future release.
There is also a feature to mint custom NFT sneakers for sale as well as convert GST for stablecoin US Dollar Coin (USDC).
Green Satoshi Token BSC is up 1.67% and trading for $24.42 at time of writing. It hit a monthly peak of $45.19 back on May 8th before the overall crypto market crash sent it plummeting to as low as $9.10 on May 14th.
Meanwhile, the original Solana version of STEPN Green Satoshi Token is down 5.81% on the day and priced considerably less than its twin at $2.47.
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Le pou Move-to-Earn Altcoin Explodes 146% in Seven Days As Bitcoin and Crypto Markets Move Sideways faʻaalia muamua Le Aso Taʻitasi Hodl.
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