STEPN governance token hits new high after Coinbase listing

The governance token and in-game currency of the Move-to-Earn Move-to-Earn (M2E) STEPN rose by 18% and 19% respectively after Coinbase listed them. The NFT marketplace OpenSea also reported support for the project.

Coinbase will add support for GMT and GST. GST will be listed with the Experimental label. Learn more about the experimental label here: https://t.co/MBMBbYyZ7S pic.twitter.com/oJUYMSFDVO

— Coinbase Assets (@CoinbaseAssets) April 27, 2022

Coinbase labelled assets as ‘experimental’ — the platform introduced the corresponding tagging system in March 2022. The company highlights assets with low trading volumes and recently listed cryptocurrencies.

The project’s tokens reacted with gains. According to CoinGecko, over the last 24 hours the STEPN governance token GMT rose by 19%, the in-game currency Green Satoshi Token (GST) rose by 18%. Both coins also set new all-time highs: GMT at $4.11, GST at $6.99.

On April 28, OpenSea announced that NFTs from STEPN are now available on its platform among other Solana-based projects. Trading volume of the collection’s tokens on the marketplace has already reached 947 SOL (~$93,780 at the time of writing).

Welcome to the @Stepnofficial community, another @solana project now available on OpenSea!https://t.co/Hjko7lilpv

— OpenSea (@opensea) April 28, 2022

According to Dune Analytics, funds have arrived at STEPN-associated addresses from more than 300,000 users. The average deposit size exceeds 26 SOL (~$2,577). The average number of active users exceeded 62,000.

In April 2022, Binance’s venture arm announced strategic investments in STEPN. The parties did not disclose the financial details of the deal.

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