With most altcoins posting notable gains recently, one token in particular—STEPN (GMT)—has stood out, surging more than 320% over the past two weeks.
At the time of writing, GMT was trading around $2.31 after a minor pullback from a daily high of $2.46. The token remained in positive territory, up roughly 12.3% over the previous 24 hours.
This article examines the key drivers behind STEPN’s recent price rally and what may be supporting continued interest in GMT.
What is STEPN?
STEPN is a Web3 lifestyle app built on the Solana blockchain that blends game mechanics with fitness incentives. The project uses two native tokens: Green Metaverse Token (GMT), which functions as the governance token, and Green Satoshi Token (GST), which serves as the in-game currency.
Users earn GST by using NFT sneakers provided by the app. The sneakers enable a built-in tracking and reward system: by walking, jogging or running outdoors, players accumulate GST rewards. Earnings are stored in an in-app wallet and can be used to mint new NFT sneakers, upgrade existing sneakers, or advance within the game’s ecosystem.
Why is STEPN (GMT) rising?
Market observers point to three primary factors behind GMT’s price surge: public hints about collaborations with major sportswear brands, a potential partnership with crypto exchange Binance, and STEPN’s continued emphasis on its move-to-earn model and related utility updates.
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Hints of collaboration with major sportswear brands
In a recent interview, an anonymous STEPN representative suggested the team would soon announce partnerships involving prominent sportswear companies such as Nike and Adidas. The representative noted that major industry players shape the market for walking and running gear and indicated an announcement was forthcoming.
“Big sports brands like Nike and Adidas are known for shaping the market regarding walking and running. Do you see these players as a threat in the future? You will see we have an announcement about this very soon.”
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Potential partnership with Binance
This week STEPN teased an undisclosed collaboration with a cryptocurrency exchange, widely interpreted as Binance. The announcement was shared via social channels, suggesting expanded exchange support or promotional activities that could boost liquidity and visibility for GMT.
A beginning of many possibilities! pic.twitter.com/jfYPB7Pwe0
— STEPN GO (@Stepnofficial) March 28, 2022
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Move-to-earn model and token utility
In comments made during a Solar Eco Fund interview, STEPN representatives emphasized their commitment to the move-to-earn approach as a core competitive advantage. They said the team aims to deliver sustainable, high returns by expanding GMT use cases and implementing burning mechanisms that support long-term demand.
“People are chasing high sustainable ROI, we believe we will be on the top of the list by providing long-lasting use cases and burning scenarios of GMT to maintain the high demand of GMT.”
Beyond these strategies, STEPN plans to evolve the app into a broader NFT marketplace and social platform, which could increase user engagement and create additional utility for both GST and GMT.