The GST price action has confused many STEPN app users. It fell from around $10 to $0.03. Then today, it pumped in a short time. It is worth noting that the altcoin project in question is one of the favorites of the Turks. Here are the details…
GST experienced a rapid rise
Earlier today, Green Satoshi Token price dropped 451 percent from lows on Bybit exchange, climbing from $0.0309 to $0.1395 on the spot GST/USDT pair, before returning to around $0.10 at the time of writing. It has increased 100 percent in the last 24 hours. GST has an unlimited supply. It’s an inflationary game to earn the utility token of the STEPN app with a market cap now after this $27 million pump.
https://twitter.com/AlgodTrading/status/1550515819288924160
GMT, the management token of the STEPN application, is trading for around $0.90 – $1 today and has a market cap of $560 million. Some traders on Twitter are calling it a belated short squeeze as GST corrected as much as 99.7 percent from its all-time high in April 2022 without much of a bounce or relief rally on the higher timeframe price chart.
What is behind the rise of the altcoin project?
Other investors have compared it to an exit scam pump after a rug pull, given the rate of dumping from ATH. Some investors are optimistic, but the bottom may have come. One problem with GST is that after the initial FOMO pump when the STEPN app was launched in late 2021, the value of the Green Satoshi Token was difficult to hold as runners and walkers who once used the “move win” STEPN app, mostly immediately earned GST in USD for cash converting the rewards for exercise into fiat currencies.
Cryptocurrencies with an infinite supply also tend to lose value over time, depending on the law of supply and demand. Dogecoin is another example. The above tweet, which has 46,000 followers, said the price could now recover. However, he noted that the price may now recover as STEPN has implemented a GMT buyback and burn program alongside a GMT mintage mechanism. One of the most notable drivers of STEPN crypto tokens has been @AlgodTrading, which earlier this year labeled the app a scam and an “unsustainable ponzi”.
Algod also correctly predicted that Terra (LUNA) and UST would collapse two months before their collapse. When he tweeted this in early May, the Green Satoshi Token price was still above $6 and the GMT price above $3. The sole price of STEPN NFT sneakers has also dropped to 1.1 SOL, worth about $42 in USD terms in the Magic Eden NFT market. This is a drop from mid-June when their soles dropped below 4 SOLs.
Will Green Satoshi Token price rise in 2022? Algod’s latest STEPN tweet was this week and his forecast is still not bullish despite the newly scheduled GMT burning and money printing. But that was before today’s GST pump. Some investors also noted that Bybit has delisted the GSTUSDT perpetual futures pair for margin trading (but retains the spot trading pair) and therefore GST deficits will force GST contracts to close and repurchase GST contracts, causing the GST price to rise.
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