STEPN Facing Insider Trading Speculation

Find STEPN, a Solana-based mobile game developed by Satoshi Lab, an Australian fintech firm, founded by Jerry Huang and Yawn Rong. The game recently won the Solana Ignition Hackathon Gaming Track. It’s the first mobile game to win the prize at the Hackathon.

To explore STEPN’s cryptocurrency, users need to download the app, sign up using an email address, and verify their account. After that, they must connect their wallet.

By depositing Solana’s SOL token in the in-app wallet, users can wear NFT sneakers in STEPN’s Game-Fi system. The energy is replenished every 24 hours, and the number of minutes a user can exercise with a sneaker NFT is measured in energy. 

The features of the sneaker, such as resilience, efficiency, and comfort, all contribute to its energy cap. The energy cap is significant because it bottlenecks the distribution of rewards.

STEPN has two tokens: the Green Satoshi token (GST), which is the game’s utility token and has an unlimited supply, and the Green Metaverse Token (GMT), which is the governance token. The supply of GMT tokens is limited to 6 billion.

STEPN is facing insider trading speculations

After a significant transfer of coins worth approximately $3.87 million to Binance, Web 3 digital coin GMT is experiencing considerable selling momentum. Insider knowledge assumptions were triggered by the transaction, which came from a STEPN official, according to Spot On Chain.

Spot On Chain, an analytic platform, revealed that address Ox8b3 sent 14.34 million GTMs to exchange Binance, possibly belonging to STEPN’s team or investor. The wallet that was highlighted received 131 million GMTs since last year’s July from unlock events.

The address has sent GMT worth around $6.93 million (25.8 million tokens) to Binance during price declines. Currently, the wallet holds assets worth $27.7 million (104.5 million GMT).

Whale transfers are essential in the altcoin market, and selling activities from these entities negatively impact the token’s price. These moves can happen due to various reasons and have different effects.

Sudden selling from large wallets increases supply which leads to bearish prices. Panic-selling from other players might follow, leading to surged volatility and swift price fluctuations. Additionally, large token sales from the project’s officials indicate a bearish picture, possibly expecting price dips in the upcoming sessions.

Technical Analysis & Prediction of GMT Coin Price 

The peak of its initial coin offering saw the GMT coin price achieve a live market cap of $2.5 billion, with its bullish run lasting from early March until late April. 

However, GMT’s all-time high of $4.18 in April was not sustainable, partially due to the inflationary nature of GST, the other native token in the STEPN ecosystem. 

As of now, the GMT coin is finding support at its immediate support level of $0.247. The bulls started rising in late October and have managed to sustain above the major resistance level of $0.180. The 150 and the 50-day EMA are at the level of $0.2617 and $0.2903. The target short-term trend is suggested to be bearish after the above news.

Conclusion

Satoshi Lab’s mobile game STEPN, built on Solana, won the Gaming Track prize at the Solana Ignition Hackathon. GMT token is experiencing selling pressure after a large transfer worth $3.87 million to Binance, including 25.8 million tokens during price declines.

Technical Levels

• Support Levels: $0.860 and $0.7512
• Resistance Levels: $0.347 and $0.466

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.