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Who owns the most Stepn crypto? Plunging P2E tokens GMT, GST put pressure on longtime HODLers

By Ankish Jain

Edited by Vanessa Kintu

11:00, 6 November 2022

Stepn GMT decentralized crypto currency logo typography vector illustration isolated in colored background.
Stepn is the first mobile move-to-earn NFT game Photo: Praveen Nanu / Shutterstock

Stepn (GMT, GST), a move-to-earn (M2E) Web3 platform with built-in gaming finance (GameFi) functionality, surged to prominence in early 2022.

M2E applications enable users to generate passive earnings by participating in everyday activities like walking, jogging, and running. The gamification of M2E functions similarly to play-to-earn (P2E) games, with complete control over in-game assets and the possibility to convert tokens into cryptocurrency or fiat money.

What does the future hold for the Stepn cryptocurrency? Will the project become mainstream, or will it fade away? Meanwhile, who owns the most Stepn crypto, and how will the tokenomics affect Stepn’s prospects?

What is Stepn and how does it work?

Stepn (GMT) live price chart

Stepn is the first mobile M2E non-fungible token (NFT) game powered by the Solana (SOL) blockchain. Users of STEPN can earn tokens by walking, jogging or running outside while wearing NFT sneakers.

Find Satoshi Lab, an Australian fintech company, created STEPN. Its co-founders are Jerry Huang and Yawn Rong. Stepn was one of the winners of the Solana Hackathon in October 2021, placing fourth out of more than 500 projects.

STEPN aims to inspire millions of individuals to embrace healthier lives by bringing them into the Web3 age while also contributing to the achievement of carbon neutrality.

Before moving, the user must choose a digital sneaker corresponding to their intended activity level. If their pace exceeds or falls below the activity range of their chosen shoe, they will no longer receive tokens; hence, selecting the sneaker with care is essential. One may walk (1kph to 6kph), jog (4kph to 10kph) or run (11kph 16kph) (8kph to 20kph).

Each pair of shoes is analogous to a two-dimensional object with unique statistics and rarity. The statistics indicate how long users may operate without recharging. Additionally, they may provide players with a speed benefit, allowing them to collect additional awards while running.

In the STEPN ecosystem, there are two tokens: the Green Satoshi token (GST), which has an infinite supply, is the game's utility token; and the Green Metaverse Token (GMT), the governance token which can also be used for staking.

In-game incentives consist of Stephen’s utility token GST and are credited to an in-game or externally imported wallet. A user’s earnings rely on five footwear properties:

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  • Resilience slows down deterioration and diminishing returns.

  • Luck boosts the odds of winning random rewards throughout a session.

  • Comfort boosts the use of another kind of coin referred to as GMT and associated with governance.

  • Efficiency raises the GST revenue per unit of ‘energy’ expended.

  • Energy is the time allotted to a player during a M2E session; one unit is equivalent to five minutes. Each player begins with just two energy units replenished every 24 hours. As a result, newcomers have only 10 minutes every day to earn GST.

Stepn’s tokenomics

GMT historical performance 

As previously stated, Stepn employs a dual-token model: GST and GMT. While GMT is the governance token, GST is the Stepn ecosystem’s in-game token.

GMT has a maximum supply of 6 billion tokens, according to CoinMarketCap, with 600 million tokens currently in circulation. The maximum supply of GST is limitless, with a circulating supply of 530.96 million tokens.

Stepn completed its initial coin offering (ICO) of GMT tokens in March 2022 at $0.1 per token and successfully raised $9.2m via token sales, according to ICO Drops. GMT was trading at $0.51, as of 3 November, implying a 51x return on investment (ROI) for early investors.


67,494.10 Price
+0.800% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00


175.20 Price
+2.730% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652


0.13 Price
+7.990% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872


3,531.95 Price
+0.720% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

According to Stepn’s whitepaper, 30% of the total GMT supply will be distributed to users via gaming and governance involvement, 30% for Stepn’s treasury, 16.3% for private sale, 14.2% for the project team and 2.5% for advisers to the project.

A certain quantity of GMT will be unlocked daily for user rewards, and the supply of GMT will be halved on the first day of every third year. Stepn has also included a burn mechanism to reduce the circulation of GST tokens via sneaker repair, sneaker unlocks/reset, customisation fee, sneaker leveling, sneaker minting and gem upgrades.

GST historical performance

Who owns the most Stepn tokens?

According to CoinCarp data, there were 376,337 Stepn holders of GMT, as of 3 November, up from 366,659 wallet holders on 5 October. The top 10 and top 100 holders dominated 93.46% and 93.8% of the GMT supply, respectively, making the coin highly susceptible to pump-and-dump operations.

CoinCarp data further suggested there were 748,654 Stepn holders of GST, as of 3 November, down from 752,246 on 5 October. The top 10 and 100 holders dominated 72.61% and 84.53% of the supply, respectively.

Who has the most Stepn? An anonymous wallet held 5.18 billion GMT tokens, amounting to 86.46% of the GMT’s circulating supply, making it the top holder of Stepn. Another wallet among the other Stepn holders held 20.56 million tokens, equating to 3.43% of GMT supply.

The biggest Stepn holder of GST tokens was a wallet with 206.71 million tokens or 38.21% of the supply. Another wallet with 59.05 million tokens or 10.92% GST supply was the second largest GST token holder.

Since crypto wallets are anonymous, the identities of these Stepn whales were not publicly disclosed. These might be Stepn investors, employees, or developers.

The bottom line

Given the turbulence in the broader financial markets owing to recession concerns, rising inflation, and other global factors, Stepn may see some volatility over the next few months, but nothing can be predicted with certainty.

Additionally, Stepn has expanded its climate change initiative by forming a partnership with Nori – a sustainable energy firm – in May 2022 to contribute up to $100,000 in monthly carbon removal payments. This is a component of a larger effort to reduce carbon emissions via the Nori Marketplace.

Further NFT and Metaverse growth would increase engagements as the emerging subsectors mature over the next several years. Hence, due to its social and gamified features, Stepn could emerge as the leading M2E platform in the future.

While knowing who owns the most Stepn tokens is important for accessing the project’s tokenonomics and ownership concentration, you should always conduct your own due diligence. Look at the latest news, technical analysis, and a wide range of analysts’ opinions before making any trading decision. 

Keep in mind that past performance is no guarantee of future returns. And never trade money that you cannot afford to lose.


How many Stepn holders are there?

According to CoinCarp, as of 3 November, there were 3,76,337 GMT holders and 7,48,654 GST holders.

Who created Stepn?

Jerry Huang and Yawn Rong, co-founders of Find Satoshi Lab, launched STEPN, a ‘move-to-earn’ app that rewards users with cryptocurrency for exercising.

Is Stepn legit?

Stepn is the first Web 3 game that enables players to make money while walking, jogging or running. It is one of the most popular games built on the Solana blockchain. 

It is funded by prominent blockchain and cryptocurrency businesses, including Binance Labs, Sequoia Capital, Alameda Research, Folius Ventures, Solana Ventures, 6th Man Ventures, Sfermion and many more.

Markets in this article

Solana / USD
175.2029 USD
4.623 +2.730%

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