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Investors are bidding up Ethereum's utility tokens as The Merge approaches.

Solana-based STEPN has generated $122.5 million in profits in Q2 2022. The move-to-earn gaming app rewards users with cryptocurrency for playing.

In the wake of the recovering market today, these two altcoins rose to be leaders of the broader market rally as the total cap neared $1 trillion.

The Solana-based STEPN app generated $122 million in profits for the second quarter of the year and it is eyeing fresh prospects for partnerships and sponsorships with various sports and entertainment events so let's have a closer look at today's latest blockchain news. Solana-based STEPN amassed $122.

STEPN also revealed actively eyeing fresh prospects for partnership and sponsorship with on-brand sports and entertainment events. 

"Move-to-earn" app Stepn is controversial and flawed—but it's a commendable test case for utility NFTs in the early innings of the space.

In the last two quarters, STEPN, the popular move-to-earn project, has had to deal with regulatory sanctions, DDOS attacks, a downturn in the general cryptocurrency market, and a general decline in interest in play-to-earn games.

STEPN's GMT token looks primed for a spike in volatility as activity on the app continues to decline.

STEPN web3 fitness game aims to spend over $6 million in Q2 profits to purchase and burn GMT tokens as the game added Ethereum support so let's read more today in our latest cryptocurrency news.

STEPN [GMT] stepped up its performance in Q2 of 2022. The move-to-earn based gaming app has enjoyed its share of success since its release in December 2021.

While you walk and burn calories, STEPN burns tokens.

Among other things, the company announced that it will begin a process of buying back and burning 5% of the GMT token

Stepn intends to spend over $6 million of Q2 profits to buy back and burn GMT tokens, plus the game added Ethereum support.

STEPN, a move-to-earn Web3 application, reported $122.5 million in profits for the second quarter (Q2) of 2022. The cryptocurrency app, which provides consumers cash compensation for physical exercise, operates on the Solana (CRYPTO: SOL) blockchain.

Stepn stated that it will also use the funds to bolster security, reduce cheating and expand its team.   The post Stepn to buy back and burn GMT using a portion of its $122 million Q2 earnings  appeared first on The Block.

STEPN (GMT) tokens have been one of the top gainers among the top 100 cryptocurrencies over the last 30 days. In order to extend GMT's growth, Its team announced the initiation of quarterly STEPN buyback and burn.

The team will use 5% of the profits to initiate a buyback and burn program of its native GMT tokens.

The value of all cryptocurrencies once again fell below the $900 billion mark after losing more than $44 billion in 24 hours.

The crypto market lost over $31 billion during the trading hours as altcoins leaned into the bearish sentiment, leaving the market cap at $857 billion.

The GMT price prediction is on its way to flipping bullish after a reclaim of a key support level. The price can increase another 25%.

Promising project returns to market with almost 100% growth at one point

One needs to stay committed to maintaining a healthy lifestyle. Or else, all the efforts go in vain.

It's important to recognize Stepn's pioneering role in the emerging move-to-earn field, just as it's important the company keeps adapting.

This article is all about the top 5 cryptocurrencies that displayed good performance in the last seven days. Let's take a look at it in more detail.