- StepN made an important news as it integrated with Apple Pay.
- This means that users will be able to buy sneakers using the payment system.
- The number of StepN users has been in a strong downward trend.
StepN’s GMT price drifted upwards on Monday and Tuesday as investors cheered the latest Apple integration. The token jumped to a high of $0.3190, the highest point on May 6. It has jumped by more than 20% from the lowest level this month.
StepN challenges remain
StepN made a major announcement this week. In a statement, the developers said that they had gained approval for the app to integrate with Apple Pay, the company’s flagship payment service.
The integration is an important part of StepN’s growth. For one, users will not need to create a crypto wallet to buy sneakers in the ecosystem. Instead, they will be able to buy these sneakers using their Apple Pay account.
They will do this by first purchasing SPARK credits using the payment platform. 10 SPARK credits will be equal to 1 USDC. After this, the users can purchase the sneakers using these tokens. The upgrade also introduced more features in the ecosystem like an in-app marketplace and badges and achievements.
The new upgrade comes at a time when there are concerns about the viability of the move-to-earn industry. As I wrote in this article, the number of StepN users has dropped sharply in the past few months.
Data compiled by Dune Analytics shows that the number of monthly users has been in a downward trend for a long time. The number of monthly active users peaked at 705,452 in May 2022 as the network was generating hype.
Since then, the network has seen the number of users drop sharply. In May, StepN had 31,504 users, down from the previous month’s 40,546. This means that the number of users will likely continue to fall in the coming months.
StepN is not alone. Sweatcoin, the biggest player in the move-to-earn industry, has seen the number of users and its app rankings drop.
GMT price prediction
Turning to the daily chart, we see that the GMT crypto price has been in a strong bearish trend in the past few months. It has fallen by more than 94% from its all-time high. Most recently, GMT has dropped below the 50-day exponential moving average (EMA). It has also moved slightly below the upper line of the descending channel. The volume has also dropped after peaking in January.
Therefore, I believe that the token will likely continue falling as the Apple Pay integration news fades. If this happens, the next level to watch will be at $0.2473, the lowest level this year.
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