Categories: MarketsMenafn

STEPN MAU Decrease by 75% as GMT Struggles

According to Dune, the year-over-year monthly count of active STEPN (GMT) users experienced a decline from 46,632 to 12,826.

This presently stands as one of the lowest figures. The record low for this indicator was noted in October 2023 at 10,485, while GMT reached its peak in May 2022 with 705,452.

Changes in the number of monthly active users in STEPN (GMT). Source: Dune

What’s happening with GMT?

SpotonChain data further curious exchange flows. In centralized exchanges (CEX), the netflow volume has decreased by over 2 million in the last 14 days. However, for decentralized exchanges (DEX), there is a substantial increase in overall liquidity, although the “big deposits” have slowed down a tad.

CEX and DEX netflow volume for STEPN in two weeks. Source: SpotonChain

GMT’s market capitalization exhibits higher volatility compared to other cryptocurrencies. The patterns are similar when comparing its performance to Ethereum (ETH), but GMT demonstrates sharper upward or downward movements.

For example, on Jan. 7, GMT’s market capitalization surged by nearly 57%, whereas Ethereum’s witnessed a 2% decline. A similar pattern is observed when contrasting these figures with Bitcoin (BTC).

Comparison of GMT and Ethereum’s market capitalization for the month. Source: CoinMarketCap

The heightened volume can be attributed to a significant price surge on this particular day, precipitated by burning 79.2 million tokens. The prevailing exchange rate of $0.2524 per coin equates to approximately $30 million.

According to Crypto Rank, the upcoming token unlock is scheduled for Feb. 9, involving 104.280 million GMT. This constitutes 1.92% of the total supply.

In March 2022, the Solana network introduced GMT, a project that combines features of a cryptocurrency with aspects of social networking and GameFi. This token serves as a crucial governance element within the STEPN ecosystem, granting holders the ability to propose and vote on various projects.

Following its listing on Binance on Mar. 2, 2023, and subsequent availability on other exchanges, the token’s price experienced a rapid ascent. The coin achieved its peak on Apr. 28, 2023, reaching $4.11. Presently, GMT is trading around $0.2548 without bullish movements.

GMT Price History. Source: TradingView

Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.