Subreddit rewardsforcrypto has an exciting portfolio competition. Basically, readers choose a crypto that they think is most likely to increase in value over one month. All these cryptocurrencies will be placed in a hypothetical portfolio and their price movements tracked for one month. Hodlnaut has ended its sponsorship with the organisers but the crypto that comes in first still wins a prize of $25. Kudos to them for sticking it out!
Last month, I placed my bet on LUNA and came in fourth place. This month, I have decided to go ahead with GMT for the reasons below:
$GMT is the capped supply governance token for StepN, a move-to-earn game that has taken the world by storm. Tradeable on exchanges like Coinbase, Gemini and Binance, $GMT is actually modeled after BTC, according to StepN’s white paper. It not only has a capped supply of 6 billion tokens, but also becomes increasingly harder to mine.
In late April, the developer team at StepN released a surprise double mint event, where they buffed the chance for a double sneaker mint 300%, and changed the requirement to mint from a combination of $GST and $GMT to pure $GMT. This spiked the demand for $GMT tokens.
Besides being used in the double minting event, there is a total of about 10 planned use cases for $GMT to be rolled out. Upcoming ones include increasing the total GST earn cap, tapping into "schadenfreude pools" where you benefit from other people's failures as well as the upgrading of mystery box contents. Currently, it is also incorporated into the games dynamics - you need $GMT to level up to 29 and 30 and earning $GMT requires maxing Comfort. This will surely incentivise dedicated StepN users to buy a dedicated Comfort shoe so as to earn $GMT.
All eyes are on its trajectory since $GMT in-game earning is not active until June. I predict that it will moon!
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Unfortunately, I submitted my choice before ALGO announced its upcoming partnership with FIFA World Cup. But in any case, I’m grateful towards this portfolio competition because it prompts me to do research on some of the hottest altcoins trending nowadays!
Are you involved in StepN?
