Several ecosystems sprung as crypto adoption witnessed new heights. STEPN, a Solana-based protocol, is among such networks. The platform & its governance coin, GTM, flourished since joining the space in March 2022. Despite losing track for a while, the protocol appears to gather momentum to unite gamers.
Just Wait, We’re Heading Home
The move-to-earn gaming site trended within the marketplace during this publication. Moreover, STEPN’s sneaker non-fungible tokens (NFTs) recorded a substantial demand surge as of August 25. Also, Dune Analytics data showed over 4.6K shoes minted during this publication.
Indeed, the platform witnessed substantial growth, especially following a notable update. Here, STEPN unveiled development plans to launch HP (Health Points), which brings the life span to GMT sneakers.
The official statement highlighted that the digital sneakers would never wear out and enjoy infinity supply without HP. That’s an ingredient for inflation and ultimate price dip. The shoe mint count increased compared to one week ago.
Maintaining optimism, even most holders were against selling GMT coins. That remained visible as August 24 noted the highest monthly withdrawal. Dune Analytics’ chart shows more than 18 million GTM (8.7K ETH) withdrawn within a day.
Where’s the Irony?
STEPN recorded stagnant daily users regardless of the surge in sneaker sales. While existing customers dominated, the new user metric barely witnessed substantial growth. Moreover, the governance coin GMT stated somewhat unaltered within the previous week.
GMT traded around $0.80 on August 25 before a 1% decline within the previous 24 hours to $0.78. Meantime, should you buy the altcoin or adopt the wait & watch approach until everything cools? Only time will tell.
Furthermore, interested individuals should watch the broad market cues for informed decisions. Bears remained in the driver’s seat during this publication. Bitcoin has plummeted towards the $20K vicinity, changing hands at $20,950.42 during this publication. The bellwether crypto maintained steady declines since failing to overcome the hurdle at $25,000.
Also, the global cryptocurrency market capitalization reflected the downside mood, dropping 2.31% within the past day to $1.02 trillion. Upcoming tendencies remain essential to watch. Stay tuned.
Editorial credit: photo_gonzo / shutterstock.com
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