STEPN launches $2.9m airdrop, GMT sinks by 6.5%

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The move-to-earn project STEPN’s airdrop announcement caused a price drop to its native token, GMT.

Based on information from CoinMarketCap, the current price of Green Metaverse Token is $0.29, marking a 6.5% decrease in value over the previous 24 hours. Simultaneously, there has been a significant surge in GMT trading volume, reaching $124.5 million – a notable 31% increase compared to the past day.

The sharp drop in GMT occurred shortly after STEPN announced the airdrop.

In the spring of 2022, the STEPN game, established on the Solana and BNB Chain networks, became widely adopted. This interactive platform enables users to earn GST and GMT tokens as rewards for engaging in physical activity such as walking or running. To qualify for these digital incentives, players must first invest in purchasing NFT sneakers.

The project team is distributing 100 million bonus points in FSL, each equivalent to one GMT token. Currently, the value of these tokens amounts to approximately 2.9 million US dollars.

🚨 TRAILBLAZER GENESIS AIRDROP 🚨#STEPNTrailblazer week continues with ANOTHER HUGE AIRDROP 🔥Eligible Genesis holders will receive FSL Points on their #FSLID in the next 24 hours! ✨With this new airdrop, we want to reward our most loyal community members. That’s why… — STEPN | Public Beta Phase VI (@Stepnofficial) April 9, 2024

Points will be assigned based on the length of time NFT Genesis sneaker owners have held onto their digital shoes. Three tiers exist: those who have possessed sneakers for over two years receive the highest point allocation, followed by those with 1-2 years, and lastly, those with 6-12 months.

To receive the airdrop, users must have had sneakers on their account without listing them for sale during the snapshot taken on April 7. Additionally, participants were required to utilize a minimum of two “energies” within the 30-day period prior to April 3.

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2024-04-10 19:08