GMT price has been in a steep sell-off previously few weeks as considerations in regards to the crypto trade and its utility stay. The Green Metaverse Token was buying and selling at $0.40 on Thursday, which was decrease than final month’s excessive of $0.6840.
StepN statistics are disappointing
Move-to-earn is a expertise that turned common in 2022 as corporations like StepN and Sweatcoin turned common. It has benefit contemplating that billions of individuals now personal smartphones. Also, the blockchain expertise has turn into common.
However, on-chain knowledge reveals that StepN is just not doing nicely at all. Data compiled by Dune Analytics reveals that the community had simply 42,965 users in February, down from the earlier month’s 46,632. Unfortunately, the determine has been in a powerful downward pattern after it peaked at 705k in May final yr.
Other figures are additionally not pleasing. For instance, the variety of daily lively users in StepN has been falling after it peaked at over 100k final yr. Now, the number of DAU has plunged to lower than 6,000. New daily users have crashed to lower than 300.
It is just not clear why this has occurred. A probable motive is that the hype surrounding StepN has simply light away. Another motive is that users will not be motivated to make use of the platform due to the efficiency of the Green Satoshi Token (GST), which has plunged by greater than 98% from the very best stage on report.
This is an issue that the majority Web3 networks that pay their users utilizing crypto undergo. For instance, many users of Brave browser have seen their Basic Attention Token (BAT) dwindle with the token down sharply from its all-time excessive.
GMT price prediction
The daily chart reveals that the GMT crypto price has been in a bearish pattern previously few days. Along the best way, it has fashioned a descending channel proven in black. It has moved barely beneath the 25-day and 50-day shifting averages. The price can be barely above the necessary assist stage at $0.4212, the very best level on December 7.
This descending channel looks like a falling wedge. Therefore, whereas its ecosystem has some main points, we will’t rule out a scenario the place the coin makes a bullish breakout. If this occurs, the following stage to look at will probably be at $0.60.
How to purchase StepN
KuCoin
Kucoin is a cryptocurrency change which presents over 200 cryptocurrencies.
Kucoin has a variety of companies, such as; a built-in peer-to-peer change, spot and margin buying and selling, financial institution stage safety and a variety of accepted cost strategies.
Users can profit from a beginner-friendly interface and comparatively low charges.
