Green Satoshi Token

The GST price action has confused many STEPN app users – dropping from around $10 to $0.03 then pumping today, possibly in a short squeeze.

Earlier today the Green Satoshi Token price pumped 451% off the lows on Bybit exchange, from $0.0309 to $0.1395 on the spot GST/USDT pair, before retracing to around $0.10 at the time of writing – up 100% over the last 24 hours.

GST has an unlimited supply, and is the inflationary play to earn utility token of the STEPN app with a market cap now after this pump of $27 million.

STEPN Token 2022 Low 2022 High
GST $0.0309 (July) $9.5641 (April)
GMT $0.5329 (June) $4.1809 (April)

The STEPN app’s governance token GMT (Green Metaverse Token), which today is trading sideways at around $0.90 – $1, has a $560 million market cap.

Why is Green Satoshi Token Going up?

Some investors on Twitter are calling this a short squeeze of late shorters as $GST had already corrected 99.7% from its all time high in April 2022 without much of a bounce or relief rally on the high time frame price chart.

GST price going up

GST price chart – 4 hour

Other investors have compared this to an exit scam pump after a rug pull given the speed of its dump from the ATH. Some investors are optimistic however the bottom may be in.

One issue with GST is after the initial FOMO pump when the STEPN app launched in late 2021, it was difficult for Green Satoshi Token to hold its value as once runners and walkers using the ‘move to earn’ STEPN app earned GST, they mostly immediately cashed it in for USD, converting their rewards for exercising into fiat currencies.

Crypto coins with an infinite supply also tend to decline in value over time, based on the law of supply and demand – Dogecoin being another example.

Since the above tweet @G_maker – who has 46,000 followers – noted the price may now recover however as STEPN are implementing a GMT minting mechanism, as well as a GMT buy back and burn program.

One of the most notable detractors of STEPN crypto tokens has been @AlgodTrading who labelled the app a scam and ‘unsustainable ponzi’ earlier this year. Algod also correctly predicted Terra (LUNA) and UST would crash, two months prior to their collapse.

In early May when he tweeted that, the Green Satoshi Token price was still over $6 and the GMT price over $3.

The floor price of STEPN NFT sneakers has also now dropped to 1.1 SOL on Magic Eden NFT marketplace, worth around $42 in USD terms. That’s a decline from mid June when their floor dropped under 4 SOL.

Will the Green Satoshi Token price go up in 2022? Algod’s most recent STEPN tweet was this week, and his prediction is still not bullish despite the new planned GMT burn and minting. However this was before today’s GST pump:

Some investors also noted that Bybit delisted its GSTUSDT perpetual futures pair for margin trading (but kept its spot trading pair) so GST shorts will have been forced to close and buy back GST contracts, causing the GST price to go up.

If Green Satoshi Token going up was the result of that delisting and short positions closing rather than organic buying volume, today’s pump could retrace.

Play to Earn Tokens With Fixed Supply

Currently on presale now until October 2022 is IBAT, the native utility token of an upcoming NFT-based crypto game Battle Infinity.

That’s a potential option to invest early in a P2E game rather than investing in STEPN tokens when they still have a relatively high market capitalization and already pumped earlier in 2022 – they already had an explosive bull cycle and may need time for a phase of reaccumulation before starting another bull run.

Update – the GST pump did retrace 50%, trading sideways around the $0.05 – $0.06 range over the following two weeks.

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