@AlgodTrading (Algod), a popular crypto trader best known for predicting the massive price crash of Terra, now STEPN (GMT) He said he expected the same thing to happen.
Algod has always shown his opposition to Terra without hesitation and has repeatedly stated in the past that the UST/LUNA mechanism is unsustainable. They even made a bet with Terra founder Do Kwon that LUNA prices would stay above $88 by March 2023.
— Algod🫐 (@AlgodTrading) March 13, 2022
As you can see from the graphs, the winner of the bet has already been determined and Algod also called out to him on Twitter again that Do Kwon lost the bet. LUNA is currently trading at a sub-zero price.
If the ultimate target of Algod’s scrutiny is GMT it happened. A Solana-based metaverse cryptocurrency that promotes wellness and wellness and has enjoyed parabolic moves amid charts in recent weeks. STEPNhas grown in popularity this year.
Algod: Won’t provide much value to GMT users
In a recent Twitter thread, Algod denounced STEPN (GMT) because they offer little value to users. criticized. The analyst claimed that the platform’s mechanism—that is, rewarding users for walking or running—is largely unsustainable and will likely fail eventually:
“GMT is the next shitcoin to die. This will be the new AXS of 2022. I will take a short position until that happens.
People making hundreds of dollars walking to harm uninformed buyers, that’s ridiculous.”
People making hundreds of dollars with walking on the expense of clueless buyers, it’s absurd.
— Algod🫐 (@AlgodTrading) May 17, 2022
While warning against investing in GMT in the medium to long term, the trader also said that he is considering taking a “certain amount” short position on the token. Algod named the token “next”, referring to the catastrophic decline of the play-to-win game this year. Axie Infinity named it.
STEPN has been a standout player this year
GMT is among the top-performing cryptocurrencies this year, with an increase of up to 3000% since its launch in April.
GMTis a metaverse cryptocurrency that promotes wellness and wellness by rewarding users for participating in outdoor activities. STEPN It is one of the two native assets of the move-to-earn application.
GMT has done pretty well this year and the platform’s Binance and OpenSea be accepted by platforms such as; It allowed the token to be adopted more broadly, making it one of the top 50 cryptocurrencies at one point. GMT currently ranks 78th on the list of top cryptocurrencies with a market cap of $840 million.
STEPN has exploded 3600 percent since its launch in March this year, rising from $0.11 to an all-time high of $4.11, making it one of the best-performing altcoins of the year.
Despite all this, the analyst stated that the platform cannot continue to reward users with tokens forever unless it sees a steady influx of buyers.
GMT is trading at $1.40 at the time of writing, up over 1200 percent since launch.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.