STEPN plans airdrop for Genesis holders- Here's what to expect from GMT

GMT will be airdropped to genesis holders according to STEPN.
The token pumped by over 10% at the recent development.

In a recent town hall meeting with its community members, STEPN made a significant statement. It announced in its post, reporting the meeting, that an airdrop would soon occur. What was the state of the token up until this point, and how did GMT respond to the most recent development?

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Genesis holders to get free GMT

STEPN announced that it would conduct an airdrop for its Genesis holders in a post on 15 February. Additional information indicated that different colors would draw different amounts of GMT tokens.

For example, grey shoes will receive an airdrop of 4,000 GMT tokens, followed by green shoes at 8,000 GMT, blue shoes at 16,000 GMT, and purple shoes at 32,000 GMT.

In STEPN, players are incentivized to get up and move around using a novel NFT gaming mechanic called the “move-to-earn” paradigm.

Walking, running, or jogging outside wearing NFT sneakers will earn the user prizes in tokens. One of the many ways STEPN tokens can be used is to introduce individuals to the web3 ecosystem and inspire more people to adopt healthier habits.

STEPN also guarantees more favorable chances of reaching carbon neutrality. The Green Satoshi Token (GST) is the game’s utility token and has an infinite supply. At the same time, the Green Metaverse Token (GMT) is used for governance purposes and has a finite quantity.

GMT rises by over 10%

A study of STEPN’s [GMT] price movement on a daily time frame chart revealed that it responded favorably to the news. On 15 February, its price increased by 10.86% and reached a high of $0.49, according to an analysis of price movement.

As of this writing, it was up by about 0.60% in the trading period at about $0.48. A minor bull trend has also developed due to the price increase. However, a weak bull trend was indicated by the line of the Relative Strength Index being slightly above the neutral line.

Source: Trading View

Volume, active address, and MVRV decline

The Volume chart observed an overall fall in volume for STEPN [GMT] despite indications of a modest rise on the volume indicator. The data shows a fall in volume, which suggests that there needs to be more engagement with the token.

This indicates that the recent rally may be a reaction to hype. The inference could be that prices will start to decline as the euphoria dies down.

Source: Santiment

The total number of monthly active addresses has likewise been decreasing. Around 16,900 addresses were observed as of this writing. Compared to the over 18,000 addresses available just days earlier, the number that was actually seen was significantly lower.

Source: Santiment

Realistic or not, here’s GMT’s market cap in BTC terms

In addition, the 30-day Market Value to Realized Value ratio (MVRV) of GMT reveals a loss.

The MVRV ratio was negative as of this writing, at 5.534%. This is a sign of the over 5% loss the STEPN [GMT] token was experiencing (at press time) despite the price increase.

New investors may take advantage of this level to enter the market, even though holders are currently holding at a loss. The token is now undervalued, so investors could profit if the price rises after the planned airdrop.