The GMT price went parabolic on Tuesday morning as the remarkable rally accelerated. Stepn rose to an all-time high of $3.29, becoming the best-performing cryptocurrency. It has risen by more than 32,000% since it was launched in March this year. As a result, the coin has moved from nothing to becoming one of the biggest cryptocurrencies in the world with a market cap of over $1.9 billion. It has overtaken popular digital coins like Zilliqa, Chilliz, and Basic Attention Token (BAT).
StepN is a fast-growing blockchain project built in Solana’s ecosystem. It is a network that is at the intersection of some of the biggest industries globally. It is disrupting the multi-billion dollar fitness industry by paying people to exercise. Further, the platform is also changing the new Non-Fungible Token (NFT) industry.
The idea behind StepN is not new. To some extent, the concept is similar to that of Sweatcoin, which is one of the most popular fitness applications in the industry. Its Android version has over 10 million downloads while its iOS application has millions of users and 224k reviews. It is ranked as position 7 in the fitness category.
Sweatcoin uses a combination of technologies such as GPS to track the steps people make. It then pays them using the Sweat token, which is a cryptocurrency that will be launched soon. StepN has a similar idea, where it pays people to walk, jog, and run using the GMT Token. Therefore, the GMT price has risen sharply as investors expect that it will be the next big thing in the fitness industry.
The four-hour chart shows that the StepN price has been in a strong bullish trend in the past few days. It managed to move above the important resistance level at $3.14, which was the previous all-time high. It has also risen above the 25-day and 50-day moving averages while the money flow index (MFI) has moved above the overbought level.
Therefore, there is a likelihood that the GMT price will continue the bullish trend as bulls target the next key resistance level at $4.
This post was last modified on %s = human-readable time difference 06:10