Stepn GST Token Slides 97% – Despite Fitness App Having 3M Users
June 24 2022 - 2:49AM
NEWSBTC
Stepn (GST) is competing 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. Under
the influence of this bearish market, however, the price of GST
(Green Satoshi Tokens) has fallen below the $1 critical support
level. The coin is currently trading at $0.18, representing a 97
percent decline from its all-time high of a little over $9 on April
28. To prevent the ecosystem from imploding, the coin must once
again attract purchasers like it did during that month. Suggested
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Climb To Green? Can 3 Million Stepn Users Help Boost GST Price? The
NFT-based exercise app has amassed 3 million active users each
month. Given the high number of customers, market experts wonder if
this will cause the GST price to rise slightly. Similar to Fitbit,
Stepn is a GPS-based game in which the app counts your activities
and steps. To begin running, you must acquire a virtual pair of
sneakers. These newly-minted NFTs can be resold on the market for a
possible profit to purchase a better pair. By the way, the Stepn
app doesn’t work with a treadmill or any other electric-powered gym
equipment: you must use your legs, and run outside of the house.
Two months ago, Web3 employees would boast on Crypto Twitter about
making up to $30 just by running. At the time, one pair of Stepn’s
NFT sneakers cost a whopping $600 (priced in SOL). Crypto
total market cap at $905 billion on the daily chart | Source:
TradingView.com GST Price Drops Lowers Those that engage in
physical exercise can earn GSTs. Different types of sneakers refund
GST at varying rates; the better the efficiency attribute of a
sneaker, the more GST the user can earn per minute. At the peak of
GST, you might get your money back in approximately 30 days. Now,
GST is only 18 cents, and jogging a few miles with an entry-level
footwear NFT will earn you less than $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
token’s price was closer to $1; however, despite the excitement and
a 30 percent increase on June 8, GST’s price fell further. GST has
a market cap of only $23 million and ranks #529 on CoinMarketCap.
The market capitalization of GMT is at $365 million, down from
$4.17 and over $2.2 billion at its peak on April 28. Suggested
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Investor Appetite Fading? Featured image from RationalInsurgent,
chart from TradingView.com
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