Stepn (GST) is using cryptocurrency and blockchain to compete in the fitness industry.
Stepn is a smartphone software built on Solana and made by app developer FindSatoshi Lab that allows users to earn money by jogging, running or walking.
However, under the influence of this bearish market, the price of GST (Green Satoshi Tokens) has fallen below the key support level of $1. The coin is currently trading at $0.18, down 97% from its all-time high of just over $9 on April 28.
To prevent the ecosystem from collapsing, the token has to attract buyers again as it did that month.
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Can 3 million Stepn users help increase GST prices?
The NFT-based sports app has amassed 3 million monthly active users. Given the large number of customers, market experts doubt that this will lead to a small increase in GST prices.
Similar to Fitbit, Stepn is a GPS-based game where the app counts your activity and steps. To start running, you must get a pair of virtual sneakers. These newly minted NFTs can be resold in the market for a possible profit to buy better currency pairs.
By the way, the Stepn app doesn’t work with treadmills or any other electric fitness equipment: you have to use your legs and run outside the house.
Two months ago, Web3 employees would boast on Crypto Twitter that they could make $30 just by running. At the time, a pair of Stepn’s NFT sneakers sold for as much as $600 (in SOL terms).
Crypto total market cap at $905 billion on the daily chart | Source: TradingView.com
GST prices fall
Those who engage in physical activity can earn GST. GST is refunded at different rates for different types of sneakers; the better the efficiency attribute of the sneaker, the more GST a user can earn per minute. During peak GST periods, you may get your money back in about 30 days.
Now, GST is just 18 cents, and jogging a few miles in an entry-level shoe NFT can earn you less than $1, which is a far cry from the $30 you could easily earn by running a short distance.
Earlier this month, GST was the most popular cryptocurrency when the token price approached $1; however, despite an exciting June 8 rally and a 30% rise, GST’s price fell further.
With a market cap of just $23 million, GST ranks 529th on CoinMarketCap. GMT’s market capitalization is $365 million, down from its April 28 peak of $4.17 and more than $2.2 billion.
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Featured image from RationalInsurgent, chart from TradingView.com