The move-to-win project STEPN's airdrop announcement caused the price of its native token, GMT, to drop.
According to data from CoinMarketCap, Green Metaverse Token (GMT) is trading at $0.29, down 6.5% in the last 24 hours. At the same time, traders increased GMT trading by 31% in the last 24 hours to $124.5 million.
The sharp drop in GMT came shortly after STEPN announced the airdrop.
<img decoding="async" width="1024" height="540" src="https://crypto.news/app/uploads/2024/04/Screenshot-2024-04-10-at-18.10.05-1024×540.png” alt=”STEPN Launches $2.9 Million Airdrop, GMT Sinks 6.5% – 1″/>
Built on the basis of the Solana and BNB Chain networks, the STEPN game gained popularity in the spring of 2022. It allows users to receive rewards in GST and GMT tokens for walking or running. To do this, users must purchase nft sneakers.
The project team will give away 100 million FSL bonus points, which can be converted into GMT tokens at a ratio of 1 to 1. At the time of writing, the distribution volume of the asset is around $2.9 million .
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The number of points will be distributed based on the lifespan of the nft Genesis digital sneakers. There will be three tiers: those who have had shoes for more than 24 months will receive the most points, the second tier will be 12 to 24 months, and the third tier will be 6 to 12 months.
The airdrop can be received by users whose sneakers were in their account and were not on sale at the time of the snapshot on April 7. Participants also had to use at least two “energies” within 30 days before April 3.
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