STEPN (GMT): Should you Invest Before The ‘Sneaker Season’ Ends?

Most cryptocurrency projects have revived following the crypto winter. STEPN is among the digital assets that have presented extended upsides since the bottom of June.

The move-to-earn platform has recovered following months of underwhelming actions. Furthermore, the founders have revealed development strategies for STEPN as the project tries to resurface within the crypto spectrum.

Time to Wear Sneakers

STEPN’s sneaker non-fungible tokens are witnessing a somewhat rebirth in August. These sneakers have seen their demand increasing significantly within the previous week after slumping in July. Moreover, sales have displayed an optimistic upside in August’s first week.

This growth might accelerate STEPN’s expansion in the overall crypto atmosphere. Also, the move-to-earn project has recently revealed development plans. It confirmed the Health Point (HP) launch, which introduces life spans to STEPN sneakers.

The release stated that barring HP means infinity sneaker supply and one that would never wear out, which are ingredients for inflation and eventually price plummet. Meanwhile, STEPN introduced the STEPNrun Contest on July 25, scheduled for July 25 and August 8. The event will spread STEPN’s awareness.

On the other hand, the GMT coin sees increased popularity among whales. WhaleStats data shows GMT has joined the top ten by trading volume in 100 leading Binance Smart Chain whales within the last 24 hours.

What about Data?

STEPN has seen stagnant daily users regardless of the increased sneaker sales. For now, existing and new users account for about 5000 on this metric. That is lower than the June 21 32K user growth. Nevertheless, STEPN’s silver lining is its capacity to draw new users at the moment.

While publishing this post, existing users started to flash increased interest in ‘purchasing more shoes.’  However, their interest has stayed low since July began.

Meanwhile, STEPN faces a concerning case as it has to keep its existing users. That might see STEPN increasing incentives for such users. Though it already has rewards (in place), an increase remained essential in 2022 H2.

Indeed, STEPN started the 2022 second half with the right ‘step.’ The project recorded recoveries as the broad market recuperated from recent lows.

While publishing this post, GMT traded at $1.01, gaining 5.97% within the previous 24 hours. Will the emerging patterns and new platform changes affect GMT price? Time has our answer.

Editorial credit: photo_gonzo / shutterstock.com

By Edward Richardson
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