STEPN Token Crashes Following China Ban Announcement

The 2 widespread twin tokens, STEPN (GMT) and Inexperienced Satoshi (GNT), plunged following the announcement that the app would ban gamers from mainland China.

GMT fell from $1.24 to $0.83 following the ban announcement however has regained power and is now at $1.05. The identical factor occurred with GST because it dropped by greater than 26% or from $2.03 to $1.53. The excellent news is that it gained higher traction and is at present buying and selling at $1.86.

In an announcement Thursday through Twitter, STEPN mentioned:

“If customers in mainland China are discovered, STEPN will cease offering GPS to their accounts at 24:00 on July 15, 2022 (UTC+8) based on the phrases of use and IP location companies.”

STEPN added that they apologize for the “inconvenience and thanks in your understanding! STEPN has not engaged in any enterprise in mainland China since its institution and has not offered obtain channels.”

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The STEPN Craze

STEPN is a move-to-earn way of life app launched in December 2021 and is alleged to have over 800,000 lively customers day by day. It’s an enormous hit, particularly for health fans who ravel in incomes crypto for doing one thing routine like shifting round, exercising, brisk strolling, and jogging.

The expansion of STEPN is improbable, contemplating that the app rewards folks for being lively and wholesome. The app’s ambassadors incentivize lively group members with NFT sneakers which they will use to stroll round or run in neighborhoods whereas incomes GST.

Gamers can rapidly earn a most of $50 day by day relying on the sort and variety of sneakers they personal and the frequency they play on a day by day grind.

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Crypto whole market cap at $1.19 trillion on the day by day chart | Supply: TradingView.com

The Internet 3.0 And More healthy Life-style

STEPN is an app by FindSatoshi Lab Ltd. The app goals to be the pioneering crypto way of life and health recreation obtainable for each Android and iOS customers. The app intends to maneuver folks in the direction of training an lively and wholesome way of life, combating local weather change, and connecting to Internet 3.0.

Whereas Web3 might not have borders, nations have insurance policies or laws that firms ought to adjust to. The ban isn’t simply restricted to China but additionally to different nations with related crypto laws.

STEPN is backed by giants within the crypto area reminiscent of Binance, Sequoia Capital, and Alameda Analysis. STEPN Co-Founder Yawn Rong has introduced whole earnings of $20 million in Q1.

GMT and GNT might have recovered a bit however each tokens are nonetheless removed from their all-time highs in April.

Featured picture from VOI, chart from TradingView.com