STEPN Unlocks 79.2 Million Tokens
STEPN recently unlocked a substantial number of GMT tokens, specifically 79.2 million tokens worth around $30.24 million. This move, which occurred on January 8, has the potential to significantly impact the token’s market dynamics and may result in increased volatility.
The Potential GMT Price Reaction
The unlocking of the tokens received mixed reactions from market participants. The performance of GMT’s token has shown positive momentum following the announcement of the latest STEPN contest, which has boosted investor confidence. Additionally, the success of Gas Hero, a socially-oriented web3 game, has contributed to the rising price action of GMT.
Adam Cochran of Cinneamhain Ventures mentioned that in-game auctions and trading through the NFT marketplace owned by the same company have also influenced the price of GMT.
From a technical standpoint, GMT is showing signs of a breakout on the weekly chart, despite facing resistance at around $0.527. Analysts speculate that there is potential for a rally, with the possibility of reaching the next resistance zone at $0.793, offering an attractive opportunity for investors.
Hot Take: Potential Gain for Investors
The unlocking of 79.2 million GMT tokens by STEPN could lead to increased volatility in the token’s market. However, positive factors such as the STEPN contest and the success of Gas Hero have contributed to a rise in price action and investor confidence. Analysts believe there is room for further growth, with a potential rally that could result in a gain of 50% or more for investors. This presents an enticing opportunity for those interested in investing in GMT.
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