- GMT price erased all gains made in August of this year.
- StepN made a partnership with WhaleFin and Atletico Madrid.
The GMT price crashed to the lowest level since July as the cryptocurrency market recoiled. StepN’s coin dropped to a low of $0.80, which was about 30% below the highest level this month. It has a market cap of over $486 million.
StepN and Atletico Madrid
StepN is a fast-growing Web3 project that is changing the fitness industry. The developers have built a platform that rewards people for doing basic exercises like walking and running. It is similar to Sweatcoin, with the only difference being that it has a non-fungible token (NFT) angle.
Users of the platform are first required to buy their digital sneaker NFTs, which they can then trade in its marketplace. The platform has become a major disruptor in the sector. Indeed, its revenue for the second quarter rose to over $122.5 million. StepN uses Solana’s smart contract technology.
Learn more about how to buy Solana.
Now, StepN is gearing for more growth. In a statement, the company said that it was partnering with Atletico Madrid, one of the top football clubs. The partnership will also include WhaleFin, a leading crypto exchange.
The partnership will see StepN and Madrid release 1,001 soccer boot NFTs that people can purchase. The boots come in three groups: common, uncommon, and rare. 850 of the boots will be common and will be based on the club’s local and international titles. 140 of the boots will be uncommon and be based on the club’s stadium. Finally, 11 of these boots will be on the club’s starting squad of 11 players. In a statement, StepN’s CMO said:
“Through such prestigious collaborations, we are creating win-win partnerships for partner brands and also the users through real-world rewards and perks.”
The Green Satoshi Token (GST) and the Green Metaverse Token (GMT) prices declined sharply after the report. This performance was mostly in line with the performance of other cryptocurrencies. Most coins dropped sharply, bringing the total market cap to about $1.1 trillion.
GMT price prediction
The four-hour chart shows that the GMT price plummeted on Friday. As it dropped, it moved below the ascending trendline that is shown in green. The coin moved below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has crossed the oversold level.
Therefore, the path of the least resistance for StepN price is lower, with the next key support being at $0.60. In the near term, a retest of the green trendline cannot be ruled out.
