STEPN To Initiate By Buyback Program; Will It Pump GMT Price?

 STEPN To Initiate By Buyback Program; Will It Pump GMT Price?

STEPN (GMT) tokens have been one of the top gainers among the top 100 cryptocurrencies over the last 30 days. In order to extend GMT’s growth, Its team announced the initiation of quarterly STEPN buyback and burn.

STEPN to initiate burn program

As per the release, GMT has generated profits of around $122.5 million just from the platform fees. It mentioned that it will be leveraging 5% of the profits to initiate a Q2 STEPN buyback. However, it will be allocating capital reserves to upgrade its existing features.

GMT’s prices have jumped by over 22% in the last 30 days. It is trading at an average price of $0.862, at the press time. Meanwhile, it is still priced down by 80% from its all time high (ATH). It is holding a total market valuation of around $517.4 million.

The release mentioned that they will continue with the economic plan outlined in the whitepaper. The GMT tokens and sneakers will be part of the buy and burn program.

However, it added that there has been an increase in Distributed Denial of Service (DDoS) attacks targeting the GMT lately. The team will be amplifying its server and service capacity to prevent such issues.

GMT to improve its anti cheat system

Anti cheat system, SMAC will be improved in order to ensure fair accounting. The AI’s ability to detect movement and avoid incidence like using bots for mining will be improved. Meanwhile, it also added that STEPN will be expanding its team according to the response they have received since the launch.

The team highlighted that they will be seeking partnership and sponsorship opportunities. It will focus on some on brand sports and other events. While some portion of the profits will be sent forward to the physical merchandise. This will be done for marketing purposes to increase overall the brand awareness.

Recently, STEPN announced that it will introduce the “APE realm”, which will be its third realm.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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