- Since the last week of May, the STEPN native tokens (GST/GMT) and in-game assets have seen massive dumps.
- At the moment, STEPN (GMT) is number 1 in CoinMarketCap’s trending list and is worth $0.9633.
- Many people in the crypto industry believe STEPN’s time is not over yet.
Since the last week of May, the STEPN native tokens (GST/GMT) and in-game assets have seen massive dumps.
Investors dump STEPN Source: TradingView
The prices for NFT Sneakers also dropped over the last few days. Sneakers that cost 13 to 15 SOL a month ago are now worth around 4 to 5 SOL.
At the moment, STEPN (GMT) is number 1 in CoinMarketCap’s trending list and is worth $0.9633 after a 4.66% drop in price over the last 24 hours.
When looking at the longer time periods, STEPN saw a 3.82% increase in price over the last week, but a 63.59% drop over the last month.
STEPN’s bad luck started with its announcement that it will officially be banned in China in the upcoming months. STEPN users were also urged to handle all their in-app assets before June 15, 2022.
Things only went downwards from there as GMT tokens moved from the app to exchanges to get sold, and huge amounts of sneakers also got sold on the app. Many people started selling their tokens and assets because of fear induced by STEPN’s announcement.
Even after this, many people in the crypto industry believe STEPN’s time is not over yet.
The main reason for this is because this occasion is not the first time that China has decided to ban crypto. Every time this happened in the past, the crypto prices still eventually found their way back to the top. Many people believe the same applies to STEPN.
Another reason why STEPN might still be in the game is because of all the future updates that are around the corner for the project, such as the ability to lend and borrow sneakers in the game.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.