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Stepn GST Token Slides 97% – Despite Fitness App Having 3M Users
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.
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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.
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Featured image from RationalInsurgent, chart from TradingView.com
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