STEPN move-to-earn tokens GMT, GST hit new highs after Coinbase listing announcement

cointelegraph.com:

The native tokens of a move-to-earn lifestyle app STEPN swung higher on news that they would be available to trade on Coinbase, a U.S.-based crypto exchange.

The price of STEPN's governance token Green Metaverse Token (GMT) rallied by nearly 20% to reach over $4 in the past 24 hours, hitting as high as $4.50, its best level to date.

Similarly, the other STEPN token called Green Satoshi Token (GST), which players earn after walking, jogging, and running outdoors with STEPN's "NFT Sneakers," gained 6.5% to about $6.25 on a 24-hour adjusted timeframe with a new record high of $7.20. 

The intraday rallies in GMT and GST markets are part of a broader uptrend that started in early March 2022. The growing hype around the so-called move-to-earn industry is boosting the value of these tokens, which are rewarded to active players.

Move-To-Earn Token FITFI on Avalanche has achieved a 50x increase over the price of DAOMaker IDO ($0.0049) after it was launched on OKX and Bybit today. The public offering will release 10% after the launch. The mechanism is similar to Stepn. https://t.co/KVRVb1kDvL

In particular, STEPN's economic model, which involves selling NFT shoes and using the proceeds to buy back and burn GMT tokens, likely attracted speculators that see a lower supply-higher demand structure as bullish. GMT comes with a supply cap of 6 billion.

Stepn $GMT nearly 2x since last tweet. Up 40x since first mention. I’m up a lot and Stepn app makes me money too. What a great investment https://t.co/CgheKBoMib

Meanwhile, GST, which comes with an unlimited supply cap, finds bullish cues from its underlying use-cases.

Notably, STEPN players use the token to mint, repair, and level up their NFT sneakers — or even sell them on the app’s