STEPN: With continued player apathy, here is how the GMT and GST tokens are faring

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In the last two quar­ters, STEPN, the pop­u­lar move-to-earn project, has had to deal with reg­u­la­to­ry sanc­tions, DDOS attacks, a down­turn in the gen­er­al cryp­tocur­ren­cy mar­ket, and a gen­er­al decline in inter­est in play-to-earn games.

Accord­ing to data from Dune Ana­lyt­ics, in the last two months alone, the index for the active play­ers on the BNB chain ver­sion of the game has seen a 90% decline. Fur­ther­more, after reg­is­ter­ing a high of 104,149 users on 26 May on the Solana chain, where the game was ini­tial­ly host­ed, an 80% drop in play­ers was recorded. 

Addi­tion­al­ly, with a decline in the index for dai­ly play­ers of the STEPN game, Dune Ana­lyt­ics revealed a steady decline in the num­ber of new play­ers that have been o board­ed onto the plat­form since the begin­ning of June.

In the face of the gen­er­al decline in active play­ers, how have the project’s tokens, GMT and GST-SOL per­formed since the begin­ning of June.

A 45-day price-performance analysis

In the thick of the bear mar­ket at begin­ning of June, the GMT token marked its spot at the $1.18 price index. As the bear cycle inten­si­fied, the price per GMT token pro­ceed­ed to reg­is­ter a low of $0.55 on 13 June. This was fol­lowed by a tem­po­ral bull­ish cor­rec­tion that forced the token’s price to touch a high of $1.08 on 26 June. Stand­ing at $0.8893 at press time, the GMT token since logged a 17% decline in price. 

Addi­tion­al­ly, the token also record­ed a 4% decline in the last 24 hours. Cur­rent­ly trad­ing at its March lev­el, the token is 78.42% away from its all-time high.

Source:CoinMarketCap

On the oth­er hand, with no relief at any point, the last 45 days were marked by a decline in the price of the GST-SOL token. Accord­ing to data from Coin­Mar­ket­Cap, the price of the GST-SOL token was pegged at $1.15 at the begin­ning of June. Trad­ing at $0.08306 at press time, a 92% decline was recorded. 

Source:CoinMarketCap

More woeful tales on the ‘chain’

As per data from San­ti­ment, GMT’s on-chain per­for­mance in the last 45 days was just as ter­ri­ble as its price per­for­mance. On a social front, the token saw a 76% drop in its social dom­i­nance. Also, its social vol­ume declined by 86% in the peri­od under review. The per­cent­age sup­ply of GMT tokens held by whales fell by 8% in the last 45 days. 

Source: San­ti­ment

The GST-SOL token did not fare any bet­ter on the chain. On a social front, its social dom­i­nance saw an 83% decline in the last 45 days. Its social vol­ume also reg­is­tered a 90% drop in the same peri­od. With regards to the per­cent­age sup­ply of GMT tokens held by whales, the met­ric wit­nessed a drop by 7%.

Source: San­ti­ment

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