Stepn GST Token Slides 97%


Stepn (GST) competes in the fitness industry using cryptocurrencies and the blockchain.

Stepn is a smartphone software built on Solana and produced by app developer FindSatoshi Lab that allows users to earn money by jogging, running or walking.

However, under the influence of this bearish market, the price of GST (Green Satoshi Tokens) has fallen below the critical support level of $1. The coin is currently trading at $0.18, representing a 97 percent drop from the all-time high of just over $9 on April 28.

To prevent the ecosystem from imploding, the coin needs to attract buyers again, as it did that month.

Recommended literature | Bitcoin Stable Above $20K After Falling To $17K – A Slow Climb Towards Green?

Can 3 Million Stepn Users Help Increase GST Price?

The NFT based practice app has accumulated 3 million active users every month. Given the high number of customers, market experts wonder if this will increase the GST price slightly.

Like Fitbit, Stepn is a GPS-based game in which the app counts your activities and steps. To start running, you need to purchase a virtual pair of sneakers. These newly minted NFTs can be resold in the market for a possible profit to buy a better pair.

By the way, the Stepn app doesn’t work with a treadmill or other electrically powered fitness equipment: you have to use your legs and run outdoors.

Two months ago, Web3 employees bragged on Crypto Twitter that they made up to $30 just running. Back then, a pair of Stepn NFT sneakers cost a whopping $600 (priced in SOL).

Total Market Cap of Crypto at $905 Billion on the Daily Chart | Source: TradingView.com

GST Price Drops Decreases

Those who exercise can earn GSTs. Different types of sneakers return GST at different rates; the better the efficiency characteristic of a sneaker, the more GST the user can earn per minute. At the peak of the GST, you may get your money back in about 30 days.

Now GST is only 18 cents, and a few miles of jogging with an entry-level NFT for footwear will set you back under $1, which is a far cry from the easy $30 you could earn by running a short distance.

GST was the most popular cryptocurrency earlier this month when the price of the token was closer to $1; however, despite the excitement and a 30 percent increase on June 8, the price of GST continued to fall.

GST has a market cap of just $23 million and ranks #529 on CoinMarketCap. GMT’s market cap stands at $365 million, down from $4.17 and over $2.2 billion at its peak on April 28.

Recommended literature | ApeCoin Lost $2.5 Billion From Its Market Cap In May – Investors’ Appetite Is Slacking?

Featured image of RationalInsurgent, chart of TradingView.com

Leave a Reply

Your email address will not be published.