Here’s why the STEPN coin has gained over 20% today

Here’s why the STEPN coin has gained over 20% today

By Charles Thuo - min read

STEPN, move to earn lifestyle app native token, has gained over 20% hitting a new all-time high today.

At the time of writing, STEPN is trading at $4.03, up 22.22% after retracing from a daily and all-time high of $4.11.

Let’s now look at what is behind the current price gain today.

STEPN listing on Coinbase

STEPN listing on US-based crypto exchange, Coinbase, is one of the reasons for the gain today since they will be able to trade on the exchange platform. 

STEPN’s native token GMT and its other Green Satoshi Token (GST) where players earn after jogging, running, and walking outdoor with STEPN NFT sneakers.

Today’s uptrend of the GST and GMT markets is also part of the entire rally that started in early March of this year, 2022, with the move-to-earn industry acting as the catalyst for the tokens’ value, the tokens are rewarded to active players.

STEPN’s economic model has been revolving around selling nonfungible token (NFT) shoes as well as using the gained profits to buy the tokens back for burning.

How players use STEPN tokens

STEPN tokens help players to level up, repair, and mint their NFT sneakers as well as sell them on its app marketplace.

Besides, Players have been sharing the screenshots of their profiles where they featured their physical activities as well as the GST rewards earned.

In addition, OpenSea, the leading NFT marketplace has also added the STEPN sneakers collection to its marketplace to provide more avenues for STEPN NFT owners to resell them.

The move-to-earn tokens are also similar to play-to-earn projects like Axie Infinity (AXS).