Stepn price prediction: What is stepn (GMT)?
It is a token designed to get people fit by offering them rewards based on the blockchain, but what is stepn (GMT)? Let’s take a look and see what we can find out, and also examine some of the stepn price predictions that were being made as of 28 February 2023.
Stepn explained
One of the more notable tech success stories of the last 10 years or so has been the growth of fitness applications. These virtual pedometers track how many steps you take in a day and let you know how much you have done or how much you need to do. With cryptocurrency serving as another big booming tech sector over the last decade, it was, perhaps, inevitable that the two linked up. And, in 2017, it did…with the Triffic app. Triffic was pretty basic - you basically walked around your local area and collected certain powerups as it tracked your progress, not unlike a blockchain-based Pokemon Go - but the idea was there. Talking of Pokemon Go, Nintendo’s mobile game, which was all the rage in 2016, and still has a fair few users, meant that exercise-based apps did not necessarily have to be dry, dull, austere and technical.
Triffic never got massive, largely because, as we have said, there were not that many features in it. In order for what we should probably call a move-to-earn (m2e) blockchain world to succeed, it was, perhaps, best to wait for the next big blockchain development to happen.
Whether non-fungible tokens (NFTs) represent a big development is still open to debate. What cannot be denied, though, is that they have proven to be pretty popular. The idea of owning the rights to a link with a unique piece of artwork was originally a niche activity but, over the course of 2021, NFTs became a big deal, with people and organisations who otherwise would have had absolutely nothing to do with the blockchain and cryptocurrency launching NFTs. The link between NFTs and the metaverse - basically, a big virtual online world - meant that both crypto sectors proved to be the real success stories over the second half of 2021. While, since then, the market has cooled down significantly, there are still people who buy, sell and trade NFTs. And, out of the NFT enthusiasts across the cryptoverse, some want to live healthy lifestyles. This is where Stepn comes in.
Stepn was founded under the oversight of Find Satoshi Lab, which itself was founded in 2021 by Australian entrepreneurs Jerry Huang and Yawn Rong. The platform serves as a kind of NFT marketplace/fitness app/play-to-earn hybrid. People who want to get involved with the system need to either buy or rent a sneaker NFT, with owners of rented NFTs getting a share of rewards. As of 28 February 2023, 22 sneakers had been sold over the previous seven days at an average of $43, according to data from nft-stats.com.
Sneakers are equipped with a range of different attributes, including comfort, resilience and efficiency. Once someone has one, they can start walking, jogging or running outside to earn rewards.
Stepn has two different crypto tokens. One is the green satoshi token (GST), which is used to pay users rewards. The other is the green metaverse token, or GMT. This crypto is used for governance purposes, meaning that holders have the right to vote on changes to the Stepn network and its importance means that, unlike green satoshi token, it takes the stepn long name. One other thing that we need to point out here is that stepn is a multi-blockchain system on the BNB Chain (BNB), formerly known as Binance Smart Chain and Solana (SOL) . This means that it is a token rather than a coin. You might see references to such things as a GMT coin price prediction, but that’s wrong. Basically, the answer to the question “what is a stepn coin?” is “Something that doesn’t really exist, because stepn is a token”.
Stepn price history
GMT price history from launch to present - Credit: CoinMarketCapWith that all cleared up, let’s cast our eyes over the GMT price history. It is important to remember that past performance is no indicator of future results and should never be taken as such. However, knowing what the stepn price has done since it came onto the open market can help give us some useful context when either making a stepn price prediction of our own or interpreting one that is already out there.
Stepn first came onto the open market on 2 March 2022, when the price of a token was about $0.01. There was significant interest in GMT over the next month or so, with the crypto’s value rocketing to hit an all-time high of $4.11 on 28 April. The highs could not last and, when the market crashed in May following the depegging of the UST stablecoin and the collapse of the associated LUNA cryptocurrency, GMT sank to a low of $0.8292. Although it quickly went back above the dollar, it fell down the following month and when the news that the Celsius Network (CEL) crypto lending platform had cancelled withdrawals confirmed the bear market, it dropped to $0.5541 on 18 June. While it recovered and spent some sporadic time above $1 in July and August, things fell down in autumn. While 1 November’s news that Find Satoshis Labs was to launch its own NFT marketplace, MOOAR, helped boost the GMT price above $0.60, the the collapse of the FTX (FTT) exchange sparked another market crash and stepn closed the year at $0.2296.
So far, 2023 has been a bit more encouraging for GMT investors, with a buoyant market helping the token to a high of $0.6817 on 26 January. Since then, things have cooled somewhat and, on 28 February 2023, GMT was worth about $0.382. At that time, there were 600 million stepn in circulation out of a total supply of six billion. This gave the token a market cap of around $229m, making it the 156th largest crypto by that metric.
Stepn price prediction round-up
Let’s now take a look at some of the stepn price predictions that were being made as of 28 February 2023. It is important to recognise that price forecasts, especially when it comes to something as potentially volatile as crypto, very often end up being wrong. Also, keep in mind that many long-term cryptocurrency price forecasts are made using an algorithm, which means that they can change at a moment’s notice.
First, CoinCodex made a short term stepn price prediction for 2023 that argued GMT could drop to $0.3556 by 5 March before making something of a recovery to $0.3644 by 31 March. The site’s technical analysis was overwhelmingly bearish, with 23 indicators sending bearish signals against just three making bullish ones.
Next, DigitalCoinPrice had a GMT price prediction which argued that the token could reach $0.63 this year, $0.93 next year and could break through the dollar barrier to trade at $1.29 the year after that before reaching $1.62 in 2026. By 2028, the site suggested, the crypto could be worth $2.06 before possibly closing the decade at $2.79. The site then made a stepn price prediction for 2030 that said GMT could trade at $3.90, before potentially reaching $5.39 in 2031 and $7.31 in 2032.
Meanwhile, CryptoPredictions.com had a stepn crypto price prediction which suggested GMT could close 2023 at $0.5328 before reaching $0.8537 12 months after that. The site then made a stepn price prediction for 2025 that saw the token potentially start the year at $0.8741, rise above the dollar in September and close the year at a little over $1.05. By December 2027, the site said, GMT could be worth about $1.31.
Finally, WalletInvestor had a very gloomy GMT price prediction which suggested that the stepn token was in for a tough time over the course of the next 12 months. The site claimed that, by the end of February 2024, the price of stepn could drop to a mere $0.0428.
When considering a GMT token price prediction, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.
If you are considering investing in cryptocurrency coins and tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. And never trade with money that you cannot afford to lose.
FAQs
Is STEPN a good investment?
It is hard to say. Although, at the time of writing, it was up from the start of the year, it had been on a largely downward trend. A lot will depend on how the market as a whole performs in the future.
Remember, you should always carry out your own thorough research before making an investment. Even high market cap cryptocurrencies can be affected by bear markets. So investors should be prepared to make losses and never purchase more than they can afford to lose.
Will STEPN go up or down?
No one can really tell right now. While sites like DigitalCoinPrice are optimistic about the token’s chances, the likes of WalletInvestor are far more downbeat about the future stepn price. Remember, too, that price predictions very often turn out to be wrong and that prices can, and do, go down as well as up.
In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether GMT is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.
Should I invest in STEPN?
Before you decide whether or not to invest in stepn, you should do your own research, not only on GMT but on other m2e coins and tokens.
Ultimately, though, this is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct your own research and never invest more money than you can afford to lose because prices can go down as well as up.
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