The STEPN native tokens (GST/GMT) and in-game assets have suffered substantial drops since the last week of May.
The cost of NFT Sneakers has also decreased in recent days. Sneakers formerly worth 13 to 15 SOL are now valued at roughly 4 to 5 SOL.
STEPN (GMT) is now ranked first on CoinMarketCap’s trending list, with a price of $0.9633 following a 4.66 percent dip in the previous 24 hours.
STEPN witnessed a 3.82 percent gain in price during the previous week but a 63.59 percent decline over the last month when looking at longer periods.
The bad luck for STEPN began when it was announced that it would be legally prohibited in China in the following months. Users of the STEPN app were also advised to manage all of their in-app assets before June 15, 2022.
Things only got worse as GMT tokens were transported from the app to exchanges, and massive quantities of shoes were also sold on the app. Because of the anxiety generated by STEPN’s announcement, many individuals began selling their tokens and assets.
Many crypto communities feel STEPN’s time has not yet come.
The fundamental reason is that this isn’t the first time China has opted to prohibit cryptocurrency. When this has happened before, the crypto values have always made their way back to the top. Many others think the same thing about STEPN.
Another reason why STEPN may remain in the game is due to all of the upcoming improvements for the project, such as the ability to lend and borrow sneakers in the game.