In March, Stepn [GMT] witnessed substantial gains over eight days, climbing by 77.57% from a low of $0.2506 to $0.445.
Although Bitcoin's plunge below $70k impacted GMT, causing a 30% drop to $0.3822, sentiment remained optimistic. AMBCrypto's earlier report hinted at a potential bullish run of 70% or more for GMT.
Despite the initial setback, GMT displayed resilience during its recovery phase. On-chain metrics, closely monitored by AMBCrypto, indicated promising signs.
MDIA showed a positive trend in January, suggesting increased circulation of old coins and rising demand, reinforcing bullish sentiments.
Strongly positive weighted sentiment mirrored recent gains, while network growth accelerated in March's latter half.
As prices surged, the MVRV ratio indicated holders were in profit. However, this could trigger profit-taking activities and subsequent selling pressure.
Analysis of GMT token holders revealed a downtrend among smaller holders (up to 100k GMT) in March, possibly due to profit-taking. Conversely, wallets holding 100k-10 million tokens saw a rise, hinting at potential accumulation by whales.
Despite fluctuations, GMT's overall health remained bullish. However, the recent BTC correction impacted sentiment across the altcoin market.
While uncertainties persist, the current conditions might favor bullish trends for GMT in the near term.
Stepn's $30 million GMT token airdrop rewards users with FSL points, enabling seamless conversion in the Stepn marketplace. CEO Shiti Manghani emphasizes user appreciation and hints at a major sports brand partnership.
Xu LinGMT token shows positive buying signals, including steadily increasing coin age and network growth, as well as accumulation by whales. However, investors should exercise caution with lower timeframe price charts and remain vigilant for potential price fluctuations.
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