The move-to-earn project STEPN’s recent airdrop announcement has sent shockwaves through the cryptocurrency market, causing a significant price drop in its native token, Green Metaverse Token (GMT). According to CoinMarketCap data, GMT is currently trading at $0.29, down 6.5% over the past 24 hours. Despite this drop, traders have increased GMT trading by 31% over the last day, reaching a total volume of $124.5 million.
The sudden decline in GMT’s price came shortly after STEPN unveiled plans for a massive airdrop. The project, which is based on the Solana and BNB Chain networks, gained popularity in the spring of 2022 for its unique concept. Users can earn rewards in GST and GMT tokens by simply walking or running, provided they purchase NFT sneakers.
In the latest development, the STEPN team announced a giveaway of 100 million FSL bonus points, which can be converted into GMT tokens at a 1:1 ratio. The distribution volume of this asset currently stands at around $2.9 million. The airdrop is part of the TRAILBLAZER GENESIS AIRDROP initiative, aimed at rewarding loyal community members.
To be eligible for the airdrop, users must have owned digital NFT Genesis sneakers for a certain period of time. Points will be distributed based on the shelf life of the sneakers, with higher levels of ownership receiving more points. Participants must also have used at least two “energies” within 30 days prior to April 3 and kept their sneakers in their account without listing them for sale.
The announcement of the airdrop has caused a stir in the cryptocurrency community, with many eagerly anticipating the distribution of FSL points. As the market reacts to this news, all eyes will be on GMT’s price movements in the coming days.
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Source: https://crypto.news/stepn-airdrop-gmt-price-sinks/
