May Pick: GST/GMT (StepN)
The new ‘play to earn’ concept that is sweeping accross the metaverse is well illustrated by StepN. The walking/running app works in a similar way to Strava, but rewards users by crediting them with the native tokens GST and GMT. These coins can be reinvested back into the game or simply traded as a crypto.
The coins have surged in value over the past month, but both still have a small market cap (sub $100m). Therefore, we think that there could be serious upside from here. When you combine speculative investors alongside those players that are earning and spending GST/GMT, the demand should keep on increasing.
In terms of risks, the project is still in a beta stage, meaning that it’s a high risk option to be involved in. Although we don’t believe this to be fraudulent, the risk is simply that the project doesn’t take off and reach scale, in which case GST and GMT likely have a short time in the spotlight before slumping lower.
May Pick: Short ApeCoin (APE)
Yes, short ApeCoin. APE is the latest trend in crypto and is the token of the very popular Bored Ape NFTs. The coin has risen from $11 to $27.60 throughout April, an increase of 150%. It was also one of our top picks for April. However, I think a new trend has presented itself.
The price surged 19% yesterday following Elon Musk’s Twitter picture change to a collection of Bored Ape NFTs. However, it wasn’t all good as Elon tweeted: “I dunno … seems kinda fungible”, seemingly mocking the NFT craze.
NFTs have good potential, but the current popularity seems too much for how far along things are. APE had a nice rally, but I think it is likely to continue its fade from recent highs and will likely see $10 before it sees $20 again.
May Pick: Tron (TRX)
Tron has been one of the few standout performers in the recent period of crypto volatility and general downward pressure on prices across the market. TRX is up nearly ~40% in the last month, in comparison to -10% for Bitcoin.
Tron is a decentralized proof of stake blockchain that has been around since 2017, but it has recently surged on the back of new developments within its ecosystem. This includes the announcement that a new stablecoin, US Decentralized Dollar (USDD), would be launched on their network.
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