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StepN Price Prediction 2024: Will GMT Make Strides?

Last Updated February 28, 2024 9:01 AM
Giuseppe Ciccomascolo
Last Updated February 28, 2024 9:01 AM

Key Takeaways

  • StepN is a Web3 lifestyle app that integrates GameFi and Social-Fi elements. 
  • As you walk, jog, or run, you’ll accumulate in-game tokens, primarily GST and GMT.
  • One price prediction says GMT may reach $0.75 next year.

StepN is a Web3 lifestyle app that integrates GameFi and Social-Fi elements, built on the  Solana blockchain. It’s a Move2Earn NFT game that doubles as a fitness app, where players equip themselves with NFT sneakers and earn tokens by walking, jogging, and running. StepN’s mission is to revolutionize the fitness app landscape and inspire people to embrace a healthier lifestyle.

The brainchild of Australian entrepreneur Yawn Rong and game developer Jerry Huang, StepN emerged from the depths of August 2021. Its potential captured the attention of prominent venture capital firms like Solana Capital, DeFi Alliance, and Folius Ventures, who collectively injected $5 million into the project during its seed round.

StepN did not immediately respond to a request for comment.

But what is StepN (GMT)? How does StepN work? Let’s see what we can find out, and also take a look at some of the StepN Price Predictions that were being made as of February 28, 2024.

StepN Price Prediction

Let’s examine some of the StepN price predictions being made on February 28, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.

2024 2025 2030
Prediction #1 $0.64 $0.75 $2.17
Prediction #2 $0.3046 $0.7317 $0
Prediction #3 $0.4445 $0.6594 $4.05

First, CoinCodex  had a short-term StepN price prediction which said that the token would be somewhat volatile in the coming weeks, with it dropping to $0.270136 by March 4 and reaching $0.320294 by March 29. The site’s technical analysis was bullish, with 25 indicators sending encouraging signals and none making bearish ones.

StepN Price Prediction for 2024

DigitalCoinPrice  said that StepN would be worth $0.64 this year. CaptainAltCoin  had GMT fall to $0.3046 and PricePrediction.net  said that the crypto would trade at $0.4445 in 2024. 

StepN Price Prediction for 2025

Moving on, DigitalCoinPrice’s StepN price forecast said it would trade at $0.75 in 2025. CaptainAltCoin said GMT would get to $0.7317 that year. PricePrediction.net thought it would reach $0.6594 next year.

StepN Price Prediction for 2030

Looking at a more long-term StepN price prediction, DigitalCoinPrice said it would reach $2.17 in 2030. CaptainAltCoin had it hit $0 that year. PricePrediction.net’s GMT price prediction said it would be worth $4.05 at the start of the next decade. 

Google Gemini AI Price Prediction for StepN (as of February 28)

Google’s Gemini AI platform gave the following price prediction for StepN on February 28. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate.

Short Term (Next 3 months)

  • Expected price: $0.31
  • Factors to Consider:
    • Overall market sentiment: The broader cryptocurrency market sentiment can significantly impact individual token prices, including GMT.
    • Adoption and usage of the StepN platform: Increased user adoption and engagement with the StepN platform could drive up the demand for GMT tokens.
    • Developments and updates within the StepN ecosystem: New features, partnerships, or any significant events within the StepN ecosystem can influence the token’s price.
    • Regulatory landscape: Regulatory changes and policies related to cryptocurrencies can also impact the market, including GMT.

Medium Term (Next 6 months)

  • Expected price: $0.5
  • Factors to Consider:
    • Market trends: The overall cryptocurrency market sentiment can significantly impact individual token prices. Stay updated on broader market movements for context.
    • StepN’s development and adoption: The project’s progress, partnerships, and user base growth can positively influence the price.
    • Regulatory landscape: Regulatory changes and uncertainties surrounding cryptocurrency can impact prices.

Long Term (Next 5 years)

  • Expected price: $2.21
  • Factors to Consider:
    • The cryptocurrency market is highly volatile: Prices can fluctuate significantly due to various factors, making these predictions unreliable.
    • Unforeseen events: Unexpected events like regulatory changes, technological advancements, or market crashes can significantly impact the price.

StepN Price History

StepN hit the market in April 2022, being worth $0.136. Its GMT native token’s price increased notably after a bit, reaching its highest level at $3.832 on April 30, 2022. It then moved sideways for all the subsequent year, closing 2023 at $0.2974.

StepN price history
StepN price in 2023 and 2024 | Credit: CoinMarketCap

GMT started 2024 without particular strong movement, reaching $0.2911 on February 28, 2024.

At that time, there were 1.76 billion GMT in circulation, out of a total supply of 5.41 billion. This gave it a market cap of $511.1 million, making it the 132nd largest crypto by that measurement.

Is StepN a Good Investment?

It is hard to say. The GMT token has made a recovery recently, admittedly from a very low point, but we don’t know how long things will last, or where they will get to.

Although StepN provides a useful service, it has still yet to truly catch on with the wider crypto public, and it will be interesting to see what the platform can do to really grab people’s attention.

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in GMT.

Will StepN go up or down?

No one can really tell right now. While the StepN crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.

Should I invest in StepN?

Before you decide whether or not to invest in StepN, you will have to do your own research, not only on GMT, but on other, related, coins and tokens such as Ocean Protocol (OCEAN) and The Graph (GRT). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

From the Whitepaper

StepN is revolutionizing the web 3.0 landscape with its impressive functionality, user-friendly interface, and unique proposition -earning rewards simply for walking. Walk, jog, run, or train, and watch the rewards roll in. Described in detail in the StepN whitepaper, this innovative token aims to promote healthier lifestyles, combat climate change, and offer users a continuous stream of engaging content.

This app is a trailblazer, catapulting the ‘move-to-earn’ concept into the forefront of cutting-edge applications.

Advantages and Disadvantages of StepN

Blockchain analytics company Messari  released its quarterly report on StepN. In it, they found that the crypto market was dominated by sharks – holders who have a significant, but not massive, amount of the token – and outlined some key advantages and disadvantages to the token.

Advantages of StepN

Messari said of StepN

  • Innovative approach to combining fitness and blockchain technology: StepN has successfully gamified fitness, motivating individuals to adopt an active lifestyle while earning crypto rewards.
  • Dual-token model: The dual-token model, with GST as a utility token and GMT as a governance token, provides a clear distinction between earning and governance, ensuring a balanced ecosystem.
  • Robust Solana blockchain: StepN leverages the Solana blockchain, known for its speed, scalability, and low transaction fees.
  • Growing community: StepN has attracted a significant and active user base, fostering a sense of community and engagement.
  • Expanding ecosystem: StepN is constantly evolving, introducing new features and integrations to enhance the user experience and expand its earning opportunities.

Disadvantages of StepN

Messari also said of StepN

  • Sustainability of the M2E model: The long-term sustainability of the Move2Earn model remains a concern, as the earning potential has a strict link to user activity levels.
  • Price volatility of GMT: GMT’s price has experienced significant volatility, which can affect user sentiment and participation.
  • Complexity of tokenomics: The tokenomics of StepN are complex, and new users may find it challenging to fully grasp the mechanics.
  • Regulatory concerns: The M2E space is still relatively new, and regulatory frameworks are not yet fully established, which could pose challenges in the future.
  • Dependence on user activity: StepN’s success is heavily dependent on maintaining a large and active user base.

StepN (GMT) Explained

GMT, the governance token, holds more strategic importance in the StepN ecosystem. It serves the following purposes:

  • Governance: GMT holders have the right to participate in decision-making processes within the StepN ecosystem.
  • Inflation Control: Users utilize GMT to control the inflation of GST, ensuring a balanced economy in the long run.
  • Revenue Generation: GMT is used to generate revenue for the StepN ecosystem. It can be used for development, marketing, and community initiatives.

How StepN Works

StepN is a Move2Earn NFT game that blends fitness and blockchain technology, encouraging users to adopt an active lifestyle while earning crypto rewards. The core concept revolves around purchasing NFT sneakers and using them to earn in-game tokens while walking, jogging, or running.

As you walk, jog, or run, you’ll accumulate in-game tokens, primarily GST and GMT. Users can utilize GST tokens to repair and upgrade NFT sneakers. GMT tokens serve as governance tokens and offer additional earning potential.

StepN Attention Tracker

StepN Google search volume
StepN Google search volume | Credit: Google

Here is a chart for the StepN Google search volume for the past 90 days. This represents how many times the term “StepN GMT” has been Googled over the previous 90 days.

FAQs

How many StepN are there?

As of February 28, 2024, there were 1.76 billion GMT in circulation, out of a total supply of 5.41 billion.

Will StepN reach $1?

It might, but not soon. According to price predictions, it is expected to reach $1 in 2027.

What is StepN used for?

Built on Ethereum competitor Solana and created by app developer FindSatoshi Lab, Stepn is a smartphone app that lets users earn money by walking, jogging, or running for a narrowly delineated time period that refreshes every 24 hours.

Disclaimer

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability, and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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