Research screen run 28 October 2026 for the Mycelium Strategy. Market figures observed on DexScreener and Solana on-chain data on that date; sources linked inline. Not financial advice.
How this screen worked
I screened roughly 45 Solana tickers — the full Mycelium exclusion list, current portfolio names, and low-cap tokens with live DEX markets — against the fund's published filters. Exactly one token passed every filter. This article names it, shows its evidence filter by filter, and documents the closest near-miss with the exact criteria it failed.
Filters applied (every pick must pass all of them):
- Working product usable today, not a roadmap promise
- Circulating market cap under $1,000,000 (CoinGecko or DexScreener)
- Not a meme token — a real product or protocol with identifiable utility
- Trading history of at least 60 days
- 24-hour trading volume of at least $10,000
- DEX liquidity of at least $50,000, summed across verified pools without double-counting the same pool
- A product update, release, milestone, or substantive team communication within the preceding 30 days
- Not already held in the Mycelium Strategy (excluded: KNOTS, PRCL, GABLE, KINS, DREAMS, GUAC, STREAM, ESF, and others), and not SOL, USDC, USDT, or MYC
The pick: GST — Green Satoshi Token (STEPN)
One-liner: GST is the utility token earned and spent inside STEPN, the move-to-earn app where users equip NFT Sneakers and earn tokens for walking and running outdoors.
Filter-by-filter evidence:
- Working product: STEPN's app is live and usable today. Its official whitepaper (whitepaper.stepn.com) documents the earning system in current detail: GST earnings depend on sneaker type, efficiency attribute, and the SMAC anti-cheating system, which validates that runs are human.
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Market cap under $1M: approximately $723,000 (DexScreener, 28 Oct 2026), on a circulating supply of about 5.098 billion GST read directly from the token mint (
AFbX8oGjGpmVFywbVouvhQSRmiW2aR1mohfahi4Y2AdB). - Not a meme: GST has defined in-app utility — it is the token users earn for verified movement and spend on sneaker repairs, upgrades, and minting inside STEPN. Its governance sibling (GMT) is a separate token; GST is the workhorse currency of the game economy.
- Trading ≥ 60 days: GST has traded for years. The oldest tracked DEX pair is roughly 1,430 days old — far beyond the 60-day minimum.
- 24h volume ≥ $10,000: approximately $21,700 in the 24 hours observed, more than double the threshold.
- Liquidity ≥ $50,000: approximately $50,200 summed across its DEX pairs without double-counting, led by the Orca GST/GMT pair (~$47,100). This passes, but barely — see Risks.
- Activity within 30 days: STEPN remains an operating product with current coverage of its STEPNathon 3 event and ongoing GST/GMT token burns (AInvest, 24 October 2026), and live, maintained official documentation. That clears the 30-day bar, though via ecosystem coverage rather than a major launch.
Safety checks (Step 3 data)
- Top-10 holder concentration: Rugcheck flags top-10 holder ownership of more than 70% of supply (all-account basis; the largest accounts include STEPN game/escrow accounts and DEX liquidity accounts, which is normal for a game currency but still concentrates supply). Full report: https://rugcheck.xyz/tokens/AFbX8oGjGpmVFywbVouvhQSRmiW2aR1mohfahi4Y2AdB
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Mint authority: Still enabled — assigned to STEPN's program account (
STEPNwUmvdCWRm4yzH4rtCuPUeKuEapFvFKHKteiGH5). This is by documented design: GST is minted as gameplay rewards and burned through in-app sinks, so supply is managed rather than fixed. It is nonetheless real issuance risk. - Freeze authority: Revoked (none set) — holder accounts cannot be frozen.
- LP lock status: Effectively unlocked — Rugcheck reports only ~0.009% of LP tokens locked or burned. Liquidity providers can withdraw; the $50k liquidity floor could disappear quickly.
Risks
GST is a turnaround bet, not a blue chip. Its price (~$0.00014) sits far below its 2022 highs, and STEPN's user base is a fraction of its peak. The mint authority means supply discipline rests entirely on the team's burn-versus-emission balance. Liquidity passes the fund's floor by roughly $200 — one large exit would move the price and could break the filter itself. Holder concentration above 70% adds exit risk. Any position should be sized as a high-risk micro-cap.
Near-miss: SEND (Send)
SEND — the token of Send, a Solana payments and Blinks-distribution project (thesendcoin.com) — came closest and still failed. Market cap (~$14,000) and 24h volume (~$60,600) pass easily, and it has traded well over 60 days. It fails on liquidity: ~$34,247 against the $50,000 minimum — a shortfall of $15,753. I also could not verify a substantive team communication within the last 30 days; its public coverage clusters around its 2024 Blinks launch. One failed filter is enough: SEND is out, and it is the first name to re-check if its liquidity deepens.
Comparison table
| Filter | Threshold | GST (STEPN) | SEND |
|---|---|---|---|
| Market cap | < $1,000,000 | ~$723,000 ✅ | ~$14,000 ✅ |
| 24h volume | ≥ $10,000 | ~$21,700 ✅ | ~$60,600 ✅ |
| DEX liquidity | ≥ $50,000 | ~$50,200 ✅ | ~$34,247 ❌ |
| Trading history | ≥ 60 days | ~1,430 days ✅ | > 60 days ✅ |
| Working product | Yes | STEPN app ✅ | Send/Blinks ✅ |
| Activity ≤ 30 days | Yes | STEPNathon 3 coverage, 24 Oct 2026 ✅ | Not verified ❌ |
| Not a meme / real utility | Yes | Game utility token ✅ | Payments token ✅ |
| Verdict | Qualifies | Near-miss |
Discuss these findings and the Mycelium Strategy: https://discord.gg/5M7FsQcGq
AI-created for a @myceliumfinance bounty.
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