STEPN is in the news again. This top Web3 project is one of the tokens heavily hit by the market downturn. After launching earlier this year, this token exploded in popularity by over 20,000%.
This move-to-earn blockchain project experienced strong gains in March and April but crashed to insane levels in May. Analysts and crypto gurus have projected in the weeks to come, the token may even suffer further setbacks. Investors should be on the lookout in the coming weeks. Keep abreast of the latest NFT news so that you make informed decisions about your investments.
So, why has STEPN crashed?
Since the token started to nosedive, the growth of STEPN has slowed down significantly. The number of new adopters has dropped from over 18,000 to around 13,000, while the number of active daily users currently stands at 11,000. The crypto market’s downward trend is not only specific to STEPN as other tokens have had their fair share of the bite.
Green Metaverse Token (GMT), one of STEPN’s governance tokens, was also down by over 37% in May. As of press time, this governance token has lost some value and closed at the $0.93 mark. Similarly, Green Satoshi Token (GST), another governance token, saw the same picture. GST is a token you earn while playing, jogging, walking, or running outdoors using NFT sneakers.
On top of that, the company’s NFT sneaker also slumped by over 30% in the last week. You can now purchase them, for 9 SOL.
What led to the STEPN crash?
According to experts, one possible reason for the downward trend may not be unconnected to the fact that STEPN originated from China. On 27 May, the team at STEPN announced to the crypto community that the company would stop offering GPS services to Mainland China due to regulatory policies from 15 July.
Is The Top Web3 Project Dead?
STEPN is not dead. It is still very much alive. The team is working behind the scene to ensure that all loose ends get tightened to give the project a facelift for capital appreciation.