- The number of StepN users has been in a strong downward trend.
- Its active users peaked at over 705k in May last year to about 27k in June.
- Green Metaverse Token (GMT) and Green Satoshi Token (GST) tokens have also plunged.
StepN’s GMT price has been under intense pressure in the past few months as concerns about the ecosystem continued. GMT token jumped to a high of $0.2544 on Monday, the highest level since June 9. While the coin has jumped by 45% from the lowest level this year, it remains over 90% below its all-time high.
StepN users are still falling
StepN is a pioneer company that introduced the concept of move-to-earn. It also incorporated non-fungible tokens (NFT) in its ecosystem. As a result, the network enables people to trade NFTs and mint tokens as they do simple thing like walking and running.
StepN had a great performance early in its existence as people gave the network a try. Recently, however, the network has lost momentum if publicly-available data is to be believed.
Data compiled by Dune Analytics shows that the number of users in its ecosystem peaked at over 705k in May 2022. This trend coincided with the network’s mainnet launch. As shown below, the number of users was growing at a faster pace ahead of this launch.
The trend then reversed shortly after launch. Its users dropped to 478k a month after launch and the trend continued thereafter. Data shows that StepN had only 27k users in June this year even as cryptocurrency prices bounced back. It had 44k and 40k users in the previous two months straight. StepN had just 558 active users in the past 24 hours.
It is unclear why StepN has lost momentum. A likely reason is that the overall payouts are not as strong as users were expecting. Besides, pioneers who held on to their GMT and GST tokens have seen their value plummet in the past few months.
GMT price prediction
The daily chart shows that the StepN’s GMT price crashed to a low of $0.1718 in June this year. It has now bounced back in line with the ongoing crypto rally. As it rose, it flipped the important resistance at $0.2147 into a support level.
Most recently, StepN has moved slightly above the 25-day and 50-day moving averages while the MACD has moved slightly above the neutral point. Therefore, I expect that the GMT token will continue to underperform as the number of users continues to fall.
To be clear, it is possible that GMT will join the next crypto rally if it did happens. Historically, cryptocurrencies tend to do well when other coins are rising.
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