STEPN returns to crypto with a 75% price spike in just 7 days

admin July 16, 2022 in Cryptocurrency Tagged Crypto, STEPN - 3 Minutes

The price of STEPN saw a huge rise within some months after March. As per the data, its price moved more than 3500% since 11th March when its price was only $0.100826. In the past 7 days, the price of STEPN jumped 68.3 %. Its gain in price was more than 13.84 % in the past 24 hours. It has been one of the top crypto tokens found on this Site that is trending for more than many weeks now.

What is STEPN?

It is a crypto that makes use of the blockchain of Solana. According to experts this huge upward movement in STEPN’s price was because of the hype that surrounded the project of DeFi. It rewards users with crypto tokens to stay active. They reward users to walk, jog or run. Few top rivals of STEPN are dot moves or MOOV and Genes or GENE. All such tokens’ prices recently jumped.

According to recent data, the STEPN token’s total market cap has already grossed nearly $2 billion. It is also the 53rd most prominent cryptocurrency in terms of market cap. It constitutes 0.12% of the overall market value of crypto.

It is a Web3 lifestyle app. It engages a gamification model and social elements. STEPN equips users with NFT sneakers for earning GST or Green Satoshi Token via physical activities such as jogging and walking.

GST is a gaming token of the network of STEPN. It is used to mint or level new sneakers. STEPN was created by Find Satoshi Lab, a financial tech studio that is Australia based. It is a part of the DeFi Alliance Gaming cohort.

Apart from the GST token that comes with unlimited supplies, STEPN has one governance token named Green Metaverse Token or GMT. It has a six billion finite supply.

Why is its price increasing?

The current earning report of STEPN is mainly one of the significant reasons behind the huge price upward movement. According to the company’s official statement, STEPN had a $26.81 million profit from its NFT marketplace trading apart from royalty fees in quarter 1 in 2022

All about STEPN coin

One promising project returned to the crypto market with nearly 100% growth at a point. A few days before the 2022 summer, STEPN made a rough announcement. It pushed the price of the token down by almost 30%. Yet despite the grim-looking future of the project, GMT gained 75 % of its value in the past 1 week. It showed investors are still agreeing to support the business model walk-to-earn.

As per the timeframe of one day, GMT is moving successfully to the first level of resistance on its way toward a complete rally reversal. Now STEPN reached the moving average of 50 days. It acts as one barrier between the descending assets and ascending ones.

If a breakthrough takes place, we will see a complete reversal of the trend as other everyday levels of resistance did not form yet. It included the moving average of 200 days. It remains the major level of resistance for an asset on its way to exiting a powerful downtrend.

But in the past few hours, STEPN failed to break the Exponential Moving Average of 50 days. It reversed by almost 10 % in the past few hours. It showed that trading volume absence on the weekend will keep GMT to enter a complete model of the rally.

One announcement killed this project

In May end, STEPN’s official Twitter account sent a notification to investors in China regarding their next ban from the platform. This was due to all the regulatory issues that STEPN went through in China. But this project let investors withdraw every asset they had or make use of alternative ways to access the app. STEPN constantly keeps a track of the performance of every device tied to one account. It is for tracking the walking progress of one. It will prevent app usage with a VPN.