On April 9th, the price of $GMT plummeted for almost 10%. And in accordance with the event, iCryptoAI's Smart Alert has sent out early signals on the #Stepn recent Airdrop campaign.
According to the developers themselves, they have distributed 235M GMT Tokens to their users. But the question remained is that whether @STEPN | Public Beta Phase VI actually receive any benefits on this activity?
Let's us begin.
On March 28th, huge amounts of GMT has been withdrawn from Binance by a Whale - 0xc7e7. And since the first day, this whale has been actively withdrawing GMT, the final amount sum up is 215M GMT tokens being withdrawn.
→ The price of GMT has increased substantially due to this strong accumulation.
Subsequently, Stepn has annouced it's airdrop campaign to the users, with a promise of 235M Tokens to be distributed to those who actively participated. And because of which, it can be concluded that the buying power was coming from the developers themselves. Continuing with the timeline, upon April 9th, this wallet address has distributed all of it's holdings to multiple address 02 hours before the price dump. Subsequent to the actions, the price of GMT has decreased substantially on the early 9th and 10th day of April (with increased trading volumes ~250M tokens traded).
→ Stepn has distributed the Airdrop to it's users, increase the selling pressure.
And according to Dune statistics, the campaign has successfully attracted new users for Stepn with about 60% increase in the cumulative number of users.
→ Airdrop campaign by Stepn was a success!
What is your future price prediction for GMT? Tell us in the comment section your thoughts and whether you want to see another other project update like $ENA , especially with the upcoming $BTC Halving.
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