STEPN’s GMT records a 35% surge thanks to existing users’ commitment, but that’s not all
One needs to stay committed to maintaining a healthy lifestyle. Or else, all the efforts go in vain. That’s exactly the case with the popular move-to-earn app STEPN.
STEPN’s governance token GMT went down 81% from its all-time high while the reward token is down 98% in just a period of two months. Recent unfortunate events that trailed STEPN, appear to be proving skeptics right about the imminent failure.
Many even questioned: Is move-to-earn dead?
GMT, the governance token of the Web 3.0 lifestyle app STEPN, is trading up by 35% over the past 24 hours after developers updated the app and fixed some bugs. Improvements made included the sneakerNFTs recycling issues with the network introducing a new burning mechanism. This allowed the possibility of synthesising five same-quality sneakers into a sneaker of the next higher quality.
STEPN is a mobile application that utilizes Solana and Binance Smart Chain networks. Users purchase NFT sneakers with varying rarity and traits in either SOL or BNB. Later, users use the same to earn cryptocurrency while moving.
Now given the amendments, GMT recorded a 33% surge as per CoinMarketCap that took the token to the $1.07 mark. The token witnessed massive trading volume in the last seven days. Traders and investors showed interest in the platform, hence the uptick.
Source: Santiment
However, the said volume remains insignificant as compared to the total trading volume. But that didn’t quite deter users’ commitment to the cause. In fact, the NFT-based exercise app amassed three million active users each month. Yes, the number of new daily users has dropped on an average to the 2,500 mark. But, loyal users have kept the token afloat.
Source: Dune Analytics
In a week, existing users amounted
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