One of the popular crypto traders known as @AlgodTrading or also known as Algod had recently made a prediction that Terra’s stablecoin USDT will fall drastically and now expects STEPN (GMT) to follow TerraUSDT.
Algod, Terra’s critic had pointed out that UST/LUNA is unstable and they had also bet against Do Kwon, Terra’s founder on LUNA prices staying above $88 by March 2023.
Now, the recent target of Algond is a Solana-based GMT token which has seen huge popularity this year.
Algond Asks GMT Holders To take Short position
Algod took to Twitter claiming that GMT and STEPN are offering very little value to their buyers. According to them, the program is rewarding their users for every walk and run and is too unstable and is likely to bottom soon
The trader is also looking forwards to taking a short position with size on the token as he warns against GMT investment for the mid to long term. Algond refers to the GMT token to be the next Axie Infinity due to the Axie Infinity’s play-to-earn game’s massive downfall for this year.
This year, GMT is one of the best performers which has rallied as much as 3000%since the time it has been launched in April. The mover-to-earn program STEPN issues the GMT token as a reward for exercising while using the app.
The marketplaces such as Binance and OpenSea have also pushed for GMT token adoption as they allow to trade 50 largest cryptocurrencies at a time. At present, GMT is the 62nd largest cryptocurrency with a market cap of $832.8 million.
At the time of reporting, GMT is trading at $1.39 with a downfall of 8.62% over the last 24hrs.