Stepn’s GMT recovers 10% in price despite recent problems
Opening trading for the week’s GMT, lifestyle gaming project token Move-to-Earn Stepn was met with growth of over 10%. This spike allowed GMT to recoup a third of its 30% decline from late May to June 5. GMT is currently trading at late March levels, $1.05 per token, with a complete leveling off from its astonishing run in April, when the price of a token was near $4.2 at its peak.
Stepn up to the challenges
Of course, a 10% increase in the crypto world is not much of a surprise. However, the growth of Stepn (GMT) may surprise, as the project has been constantly tested for the last few weeks and faced difficulties on a scale not everyone can handle.
First of all, the situation in the global financial markets, and in particular in the crypto market, combined with the slightly diminished hype around the project itself, of course scared away many investors who rushed to wait in liquid. Then, at the end of May, it was learned that Stepn (GMT) would be forced to exit the Chinese market entirely on July 15. The ratings immediately crashed, but the company said mainland Chinese users accounted for 5% of the platform’s total. user base.
It seemed that the fire had been extinguished, and even recent CryptoRank data demonstrated that Stepn’s (GMT) active user base has been growing steadily since the beginning of the year. In May alone, the figure rose by 192%.
Nevertheless, the project ran into difficulties again on Sunday, June 5, when it was learned that the project was subject to a series of DDoS attacks, which was the third such case in a few months. Stepn’s team (GMT) was quick to report that the situation is under control and that server protection and recovery may take 1-12 hours.
It is interesting to see what will happen to the project that has so rapidly taken over the crypto scene. The same question is clearly posed by the project team, which is already sharing its reflections on the project’s ecosystem. Major market participants also do not stand aside and, already, more and more news about upcoming Move-to-Earn projects similar to Stepn (GMT) is appearing.
