news 
Why Is GMT Token Rallying When Crypto Market Is Falling?
Amid a bleak crypto market landscape, the GMT token has confounded expectations by surging over 30% in daily trading. This remarkable performance is attributed to an aggressive buyback and burn initiative undertaken by StepN.
GMT’s recent price surge can be directly linked to its innovative buyback program involving the acquisition of 600 million tokens. The primary objective of this endeavor is to stimulate demand by diminishing the token’s circulating supply, thereby fostering a scarcity-driven market dynamic.
In addition to the aforementioned strategy, StepN has also launched an enticing high-yield staking program that offers up to 300% annual percentage yield (APY) for early participants. This program has attracted significant interest from traders and short-term holders, who collectively account for nearly 40% of GMT’s total holders.
GMT’s market capitalization has skyrocketed to $430 million, with a staggering 35.63% weekly gain. Cryptocurrency analyst Mikybull Crypto forecasts that the token could reach an astonishing $1 billion if the burn program and staking incentives maintain their upward momentum.
Technically, GMT recently broke a long-term descending trendline, indicating a potential reversal in market dynamics. The token’s relative strength index (RSI) near 51 reflects balanced momentum and room for further growth.
StepN’s strategic actions and the possibility of an “alt season” have positioned GMT as an outlier amidst the bearish crypto market.
Source: coinchapter.com
