- GMT price has crashed by more than 50% from the year-to-date low.
- The thinly traded GST token has also dropped sharply.
- The number of StepN’s monthly active users has fallen to just 4K
StepN, Sweatcoin, and other move-to-earn ecosystems are struggling as the industry continues facing major headwings. GMT price dropped to a low of $0.3375, the lowest level since March 13. It has plunged by more than 50% from the highest point this year, giving it a market cap of over $250 million.
StepN growth stalls
StepN is a pioneering platform in the move-to-earn industry. It is a platform that makes it possible for people to run, walk, and do simple exercises and earn money doing it. Its mobile applications use sophisticated technologies like GPS to track these movements accurately.
StepN also has a Non-Fungible Token (NFT) element in its ecosystem. All members need to first buy their running shoes and sneakers, usually in the form of NFTs. They can then trade these NFT in popular platforms.
StepN uses a dual-token structure: GMT and GST. Green Metaverse Token is awarded to members who move with a level 30 NFT while the Green Satoshi Token is earned when people participate in in-game activities.
Therefore, one of the reasons why StepN and even Sweatcoin are losing momentum is that these payouts have dropped sharply because of the overall token performance. Despite the recent jump in GMT prices, they remain substantially below their highest point on record. The same is true with Sweatcoin, which I wrote about here.
It is unclear the number of people who are actively using StepN these days. However, data compiled by Dune Analytics shows that the number has fallen sharply, as shown below. The number of daily monthly users dropped to just 4,329 in March from the previous 42,965. At it peak in May, StepN had over 705k active users. Other metrics like Google search and social media users show that activity has dropped recently.
GMT price prediction
The 4H chart shows that the StepN price has been in a strong bearish trend in the past few weeks. It has managed to move below the key support level at $0.3522, the lowest point on March 27th. The token remains below all moving averages while volume has plunged.
Therefore, because of the relatively weak fundamentals, there is a likelihood that the token will plunge to the next key support level at $0.30. A move above the key resistance point at $0.3530 will invalidate the bearish view.
