The token of the lifestyle game Move-to-Earn project Stepn has grown by more than 10% since the start of trading for the week’s GMT. GMT was able to regain one-third of its 30% fall from the end of May to June 5 thanks to this surge. GMT is currently trading at late March levels of $1.05 per token, a full leveling out from its incredible April run-up, when the price of one token reached nearly $4.2 at its high.
risen to the occasion
Of course, a 10% increase in the crypto realm comes as no surprise. However, the expansion of Stepn (GMT) may surprise some, as the project has been regularly tested over the previous several weeks and has encountered obstacles that not everyone can handle.
To begin with, the state of global financial markets, particularly the crypto market, paired with the slightly lessened euphoria surrounding the project itself, naturally drove away many investors who hurried to wait in cash. Then, towards the end of May, it was revealed that Stepn (GMT) will be compelled to withdraw totally from the Chinese market on July 15. Quotes dropped quickly, although the business reported that mainland Chinese users account for 5% of the platform’s total user base.
The fire appeared to have been smothered, and even recent CryptoRank statistics showed that Stepn’s (GMT) active user base has been continuously expanding since the beginning of the year. The figure increased by 192 percent in May alone.
Nonetheless, the initiative encountered new challenges on Sunday, June 5, when it was revealed that it had been victim to a series of DDoS attacks, the third such incident in a few months. The Stepn (GMT) team was fast to report that the situation had been stabilized and that server protection and recovery could take up to 12 hours.
It will be interesting to observe what happens to the initiative that has so quickly taken over the cryptocurrency scene. The project team, which is already expressing its thoughts on the project’s ecology, has clearly raised the same question. Major market participants are not standing still, and more and more information regarding upcoming Move-to-Earn ventures similar to Stepn (GMT) is emerging.