The Play-to-Earn project called STEPN has unlocked 79.2 million of its GMT tokens, with an approximate total value of $30.24 million. STEPN, being a popular application in the Web3 space, combines elements of SocialFi and GameFi, operating on the Solana blockchain. The core idea of the application is to allow users to earn from their physical activities, such as running or walking.
As part of this event, STEPN transferred 79.2 million GMT to four different addresses, and then distributed 55.3 million of them to 45 unique wallets in just 50 minutes. Interestingly, only about 6.8% of these tokens were listed on the Binance cryptocurrency exchange, indicating that most recipients were unwilling to sell them at current prices. Nearly half (47.6%) of the distributed tokens went to long-term holders who have held GMT since the last three vesting periods.
Vesting, or token locking, is a strategy to maintain their value, control over their price, and balance between supply and demand. It can be linear (uniform thawing of tokens over a specified period) or cliff (uneven distribution of tokens at different time intervals).
The GMT price recently showed a positive trend, partly due to the announcement of a new contest by STEPN, in which users are required to photograph their running spots. Adam Cochran from Cinneamhain Ventures noted that the success of the socially-oriented Web3 game, Gas Hero, also influenced the price growth.
From a technical standpoint, GMT is showing signs of a breakthrough on the weekly chart, despite resistance around $0.527. Analysts believe that in the near future, GMT may reach the next resistance zone at $0.793, which could lead to a 50% or more increase, offering favorable prospects for investors.
