NAIROBI (CoinChapter.com) — As the cryptocurrency market declines, the GMT token is bucking the trend and rising by more than 30% in daily trading volume. The token is priced at $0.1772, making it one of the few gainers as the total global crypto market capitalization fell by 3.09% to $3.32 trillion.

Active buyback and destruction plan
StepN recently announced a buyback program for 600 million GMT tokens. The program is intended to strengthen demand by reducing the circulating supply of tokens.


Additionally, the team proposes to destroy the supply of 10% - a milestone that depends on the community locking up 900 million GMT tokens within two months. This move will effectively reduce the total supply of tokens, thereby driving demand based on scarcity.

The buyback and destruction strategy is consistent with the broader token economics principles and is designed to reward long-term holders. Data shows that whale investors currently dominate GMT holdings, accounting for 88.25% of the total supply.


Retail investors hold less than 5%, but they have also shown growing interest as small holders participate in StepN’s staking program.

High-yield staking and whale activity push GMT towards $1 billion
StepN’s high-yield staking program has become a key driver of GMT’s gains. The program offers an annual percentage yield (APY) of up to 300% to early participants, attracting a large number of traders and short-term holders, who together account for nearly 40% of GMT’s total holders.


The market capitalization has surged to $430 million at GMT, with weekly gains of 35.63%. Analyst Mikybull Crypto predicts that the token could reach $1 billion if the destruction plan and staking incentives maintain momentum.

On a technical level, GMT has recently broken above a long-term downtrend line, indicating a potential trend reversal. Its relative strength index (RSI) is close to 51, reflecting balanced momentum and room for further growth.

GMT's price surge reflects StepN's strategic approach to boosting the value of the token by reducing supply and staking rewards. While the broader crypto market remains under pressure, GMT has become an exception, demonstrating the impact of well-executed token economics. However, the token's reliance on whale activity and concentrated holdings may introduce volatility.