GMT price at risk as StepN monthly and daily users plunge
StepN is one of the biggest move-to-earn players in the industry.
The number of daily and monthly users has continued plunging.
GMT price has been in a steep sell-off in the past few weeks as concerns about the crypto industry and its utility remain. The Green Metaverse Token was trading at $0.40 on Thursday, which was lower than last month’s high of $0.6840.
StepN statistics are disappointing
Move-to-earn is a technology that became popular in 2022 as companies like StepN and Sweatcoin became popular. It has merit considering that billions of people now own smartphones. Also, the blockchain technology has become popular.
However, on-chain data shows that StepN is not doing well at all. Data compiled by Dune Analytics shows that the network had just 42,965 users in February, down from the previous month’s 46,632. Unfortunately, the figure has been in a strong downward trend after it peaked at 705k in May last year.
Other figures are also not pleasing. For example, the number of daily active users in StepN has been falling after it peaked at over 100k last year. Now, the number of DAU has plunged to less than 6,000. New daily users have crashed to less than 300.
It is not clear why this has happened. A likely reason is that the hype surrounding StepN has just faded away. Another reason is that users are not motivated to use the platform because of the performance of the Green Satoshi Token (GST), which has plunged by more than 98% from the highest level on record.
This is a problem that most Web3 networks that pay their users using crypto go through. For example, many users of Brave browser have seen their Basic Attention Token (BAT) dwindle with the token down sharply from its all-time high.
GMT price prediction
The daily chart shows that the GMT crypto price has been in a bearish trend in the past few days. Along the way, it has formed a descending channel shown in black. It has moved slightly below the 25-day and 50-day moving averages. The price is also slightly above the important support level at $0.4212, the highest point on December 7.
This descending channel seems like a falling wedge. Therefore, while its ecosystem has some major issues, we can’t rule out a situation where the coin makes a bullish breakout. If this happens, the next level to watch will be at $0.60.
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