Solana-Based STEPN (GMT) Gains 34,000% In A Month: What's Driving This Rally?

The governance token of STEPN (CRYPTO: GMT), known as the “Green Metaverse Token”, has gained an impressive 34,000% over a span of 30 days.

What Happened: According to data from Benzinga Pro, GMT rallied from a low of $0.1008 on March 11 to a high of $3.79 on April 19.

At press time, GMT was trading at $3.52 with a daily trading volume of over $4 billion. The coin was up 6.03% against Bitcoin (CRYPTO: BTC) and 5.89% up against Ethereum (CRYPTO: ETH).

STEPN is a web3 lifestyle app built on the Solana (CRYPTO: SOL) blockchain. Users that buy STEPN NFT sneakers can earn crypto rewards by running or jogging – these rewards can be redeemed for SOL, USD Coin (CRYPTO: USDC), or used to mint more NFTs.

See Also: HOW TO BUY SOLANA (SOL)

You can earn $5 for every Kilometre you run using $STEPN

I bought 20 pairs of shoes that I’m starting to rent out for free to other application users

I get 50% of the rewards from the shoes meaning passively per day i can earn $250 from 20 people running and walking 5km!

— That Martini Guy ₿ (@MartiniGuyYT) April 18, 2022

Been using @Stepnofficial since December last year and this has been the first time I’ve been able to get to level 30. So pumped! #Stepn #MoveToEarn #level30 pic.twitter.com/W9NGlZgZ8a

— Tyson Schubert (@tyson_schubert) April 19, 2022

STEPN’s profits come in the form of royalty fees earned from the sale of its NFT sneakers. In the first quarter, the project reported a profit of $26.8 million worth of SOL.

STEPN uses these profits to buy back GMT trading on secondary markets and remove them from circulation in the form of on-chain token burns.

The project said that these token burns will be carried out “in order to create more value for the STEPN ecosystem.”