Since its market debut in March, STEPN (GMT), a so-called “move-to-earn” token based on the Solana (SOL) blockchain, has exploded.
The price of GMT jumped from $0.01 on March 9th to $3.45 on April 19th — a 34,000% increase in just 41 days, according to data from Binance. Its meteoric rise was fueled by the excitement surrounding DeFi projects that reward users with tokens for remaining active.
STEPN (GMT) could attain this year’s record for most profitable token. Could FIREPIN Token (FRPN), which is about to enter its third and final stage of presale, expect to reach such highs after launch?
STEPN (GMT) has grown at a breakneck speed since its launch in December 2021, going from 1,500 daily active users in January 2022 to 100,000 in March 2022.
With a market cap of $1,901,404,879, STEPN (GMT) announced in a blog post on 1st April 2022 that sales of its sneakers on its NFT marketplace and royalty fees generated a profit of 198,635.62 SOL ($26,815,807.35) in Q1 2022.
Furthermore, the trading volume for GMT at the time of writing was $1,371,155,006. This was a 132% increase from the company’s initial trading volume of $591.97 million on March 9th.
Despite these strong performances, a look at the total number of NFT trades for GMT raises some concerns. A total of 57,571 Trades Counts were recorded on March 9th. However, as of this writing, the token’s total NFT Trades Count stood at 17,461. This represents a 70% decrease in the value of the coin’s total NFT Trades Count so far.
In addition, the total volume of NFTs traded has decreased significantly. On March 9, a trade volume of 52.74 million was recorded; at the time of publication, it was 33.17 million.
Many people believe that NFT games are unsustainable because players are only interested in cashing out their winnings. Similarly, the current STEPN hype resembles Axie Infinity’s (AXS) buzz in 2021 before the token’s price dropped towards the end of the year.
FIREPIN Token (FRPN)
FIREPIN Token (FRPN) is in presale, giving early investors the opportunity to buy the token at its lowest possible price. Moreover, it raises the price of the token before launch, thereby giving it the chance to enter the market with a fairly high value as well as maximising investors’ profits.
FIREPIN Token (FRPN) is rumoured to follow the vast success of STEPN (GMT). The comparison seems surprising until you take a look at FIREPIN Token’s (FRPN) presale statistics.
FRPN was initially worth $0.000067 at the beginning of its presale in February. The token has since surged to 0.0023, meaning its price has more than quadrupled in a mere 2 months.
Furthermore, early FIREPIN Token (FRPN) investors’ portfolios have seen a nearly 4000% increase in value. Many believe that an additional 1000% increase will be obtainable before the presale ends in late May.
The direction of FIREPIN Token (FRPN) will be in the hands of holders who will participate in majority decisions that will decide the project’s plan as a community-led DAO.
FIREPIN Token (FRPN) will use this as their virtual world investment by allocating a percentage of each FRPN transaction towards its treasury fund.
FIREPIN’s (FRPN) plans to invest in the Metaverse and NFT industries, as well as the potential of P2E games, demonstrate how seriously the virtual world industry is taken by the company and how much demand there is for it globally.
FIREPIN Token (FRPN) also intends to support multi-chain integration, allowing users to use up to five different blockchains for their transactions at a fraction of the gas fee charged by Ethereum (ETH).