Will This New Minting Mechanism Take $GMT Price To New Highs
For those who are new, STEPN is a Solana community/app that recently got traction due to its walk/run to earn tokenomics. In short, you buy a shoe and earn energy which you can use to go on walks and earn their native coin $GMT
With all the hype and noise around the application and huge daily earnings we started to see a spike in STEPN FP yesterday and a 2x in $GMT coin price. The STEPN team quickly stepped in and voiced their displeasure and concern about pricing out the small guy
They announced that they were opening a window where minting would only cost 150 GMT (~$600) versus the usual 150 GMT + 150 GST (~$1200). What does this mean as we move forward?
Well, this means a ton of new shoes will flood into the market for however long they leave this window open. This should lower the secondary market price point to 8-9 SOL FP over the next few days. With that decrease in FP we can expect that the $GMT price sees a similar decline
Owners of shoes will fill their bags with $GMT so they can pump out new shoes. This should drive the price up over the next few days or as long as this window is open. New Members are also winners if they get access to the app and can get in low