Stepn (GST) is competing in the fitness industry using cryptocurrencies and blockchain.
Stepn is a smartphone software built on Solana and created by app developer FindSatoshi Lab that allows users to earn money by jogging, running or walking.
However, under the influence of this bearish market, GST (Green Satoshi Token) price declined below the $1 important support level. The coin is currently trading at $0.18, representing a decline of 97 percent from its all-time high of a little over $9 on April 28.
To prevent the ecosystem from collapsing, the coin should once again attract buyers as it did during that month.
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Can 3 Million Steppen Users Help Raise the Price of GST?
The NFT-based exercise app has amassed 3 million active users every month. Considering the high number of customers, market watchers wonder whether this will increase the GST price slightly.
Like Fitbit, Steppen is a GPS-based game in which the app counts your movements and steps. To start running, you’ll need to get a virtual pair of sneakers. These newly created NFTs can be resold in the market for potential profit to buy the better pair.
By the way, the Steppen app doesn’t work with a treadmill or any other power-powered gym equipment: You must use your legs, and run outdoors.
Two months ago, Web3 employees would boast about earning up to $30 just by running crypto on Twitter. At the time, a pair of Stepn’s NFT sneakers cost $600 (price in SOL).
Crypto total market cap at $905 billion on the daily chart | Source: TradingView.com
GST price reduced
Those who engage in physical exercise can earn GST. Different types of sneakers return GST at different rates; The better the efficiency of a sneaker, the more GST the user can earn per minute. At the peak of GST, you can get your money back in about 30 days.
Now, the GST is only 18 cents, and jogging a few miles with entry-level footwear on NFT will earn you less than $1, which is a far cry from the easy $30 you’d earn by running short distances.
Earlier this month GST was the most popular cryptocurrency when the token cost close to $1; However, despite enthusiasm and a 30 per cent increase on June 8, the price of GST fell further.
GST has a market cap of only $23 million and ranks #529 on CoinMarketCap. GMT has a market capitalization of $365 million, down from $4.17 and more than $2.2 billion at its peak on April 28.
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Featured image from RationalInsurgent, chart from TradingView.com