The renowned move-to-earn project STEPN saw massive blows over the past two quarters, including faded P2E games interest, broader crypto market downturn, regulatory sanctions, and DDOS attacks.
Dune Analytics data shows active players on the game’s BNB Chain version declined by 90% within the previous two months. Moreover, after recording the 104,149 users peak on May 26 on the Solana (SOL), the initial host, players declined by 80%.
Moreover, with a slump in STEPN’s daily gamers, Dune Analytics observed a steady drop in new players who have joined the network since June. How have GST-SOL and GMT fared since early June as active players lost interest?
Price Analysis – 45-Day Timeframe
GMT hovered around the $1.18 price mark as bears dominated the marketplace at the start of June. Meanwhile, intensified bearishness saw the alternative token slumping to record the $0.55 lows on June 13. However, a temporary bullishness followed, taking the alt to the $0.108 highs on June 26.
While publishing this blog, GMT traded at $0.8893, reflecting a 17% price drop since then. Moreover, the altcoin lost 4% over the past 24 hours. For now, GMT hovers at its March value areas and is 78.42% lower than its ATH.
GST-SOL saw no relief within the past 45 days, presenting steady price declines. Coinmarketcap data shows GST-SOL traded at around $1.15 early in June. Meanwhile, the altcoin dropped a staggering 92%, trading near $0.08306 during this publication.
More Woeful On-Chain
Santiment data shows GMT’s on-chain activity within the past 45 days was as woeful as the price performance. The asset’s social dominance declines by 76%. Also, the social volume recorded an 86% slump during the phase under review. Meanwhile, the whale supply dropped 8% over the previous 45 days.
GST-SOL also struggled on the chain. Its social dominance witnessed an 83% slump within the reviewed phase. Also, the social volume recorded a 90% decline. The whale supply plummeted by 7% over the 45 days. STEPN should attract and retain users to ensure revivals.
What are your thoughts about the move-to-earn platform STEPN? You can share your views in the comment section below.
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