STEPN Price(GMT)

The global cryptocurrency market cap now stands at $1.05T, up by 0.87% over the last day, according to CoinMarketCap data.Bitcoin (BTC) has been trading between $22,288 and $23,083 over the past 24 hours. As of 12:00 PM (UTC) today, BTC is trading at $22,906, up by 0.53%.Most major cryptocurrencies by market cap are trading mixed. Market outperformers include SNM, AXS, and GMT, up by 120%, 36%, and 26%, respectively.Top stories of the day:Secret Network Africa and Cryptocurrency Academy Kenya Collaborate for Blockchain and Crypto AdoptionCrypto Gaming Token AXS Surges 40% Ahead of $64 Million Token UnlockCardano Network Quickly Recovers After Brief Node OutageAptos Token Prices Double in Two Weeks Amid Strong NFT InterestMarket movers:ETH: $1636.67 (+0.72%)BNB: $306.5 (+1.22%)XRP: $0.423 (+4.63%)ADA: $0.3778 (-0.92%)DOGE: $0.08986 (+4.85%)SOL: $24.62 (-1.16%)MATIC: $1.0082 (+1.12%)DOT: $6.414 (+2.48%)SHIB: $0.00001214 (+0.33%)LTC: $92.34 (+3.92%)Top gainers on Binance:SNM/BUSD (+120%)AXS/BUSD (+36%)GMT/BUSD (+26%)

The popular health & well-being app STEPN might be taking a step back, as the company reportedly laid off around 100 workers, including moderators and ambassadors. This was reported by South China Morning Post, even though representatives of the STEPN Web3 app claim the story was misleading, because the Web3 firm has only “parted ways with volunteer MODs.” Fundamentally, the recent staff layoff is seen as a “change of focus” rather than STEPN tightening its belts. 3/5 This month, we are focusing on the road ahead. We are running on! Our team must concentrate on ongoing projects full-time, so we will not be hosting an October Town Hall. In the meantime, we will be devoting all of our resources to progressing to the next stage of FSL.— Yawn Rong (@yawn_rong) October 11, 2022 Why Users Are Stepping Away from STEPNThe significance of the recent layoff is debatable. However, there’s no denying that the app’s monthly active user count has drastically declined. According to the stats provided by Dune Analytics, STEPN had reached the highest point of popularity in May, when over 700,000 monthly users used the step-counting crypto app. Ever since then, the monthly active user count has been steadily decreasing, in some months even by half.One of the reasons behind the big slump is the volatile crypto market conditions, as well as intensified competition from Sweatcoin, which also launched its own cryptocurrency that’s using the same mechanism of walk-to-mint. Besides, a big chunk of STEPN (GMT) investor funds in relation to the cryptocurrency are locked up until March 2023. It began to focus on promoting its parent company Find Satoshi Lab, and mainly focused on new projects to be released such as the NFT exchange market. In addition, the large amount of GMT's investor saft will be unlocked in March next year.— Wu Blockchain (@WuBlockchain) October 12, 2022 Battle of the Fitness Cryptos: STEPN Vs. SweatcoinLaunched on September 13th, 2022, Sweat Economy (SWEAT) has surpassed STEPN in monthly active users and total users, and became the most downloaded health & well-being app in over 66 countries.However, STEPN (GMT), which stands for Green Metaverse Token, still has a total market capitalization 7 times the size of Sweat Economy (SWEAT). At the time of publication, STEPN (GMT) has a total market capitalization of $351,626,867, according to CoinGecko. In contrast, the more popular walk for crypto token, Sweat Economy (SWEAT), only has a market cap of $52,594,436 and has already dropped 80.5% from its short-lived ATH at $0.09 one day after launch.On the other hand, the health & well-being Web3 app’s native cryptocurrency, STEPN (GMT), has tumbled by double digits in a single day. At press time, the #109 ranked walk-for-crypto STEPN (GMT) is priced at $0.567403, according to CoinGecko. That marks a 10.9% daily deficit, as well as 21.4% in the red for the past 30 days.The step-counter crypto might be heading towards a full retrace of its all-time high. The pinnacle of $4.11 was reached half a year ago. However, the relatively new cryptocurrency traded for around $0.10 on launch 7 months ago, making the current market price of STEPN (GMT) still 500% up from its all-time low.On the FlipsideThe company switched their focus to Find Satoshi Labs.A lot of users spend more money on in-app purchases than they earn from using it.Despite delaying upgrades, STEPN claims they are “shifting gears as we evolve our vision.”Why You Should CareThe walk-for-crypto app has just a little under 5 million active users worldwide and is one of the largest crypto projects on Solana (SOL).

Solana (SOL) blockchain-based move-to-earn fitness app STEPN is reportedly laying off over 100 of its contract workers amid the ongoing crypto bear market and as its user numbers dwindle from previous highs.Moderators and ambassadors will be among the sacked staff, and investment in STEPN will be scaled back according to crypto reporter Colin Wu.There will also be a shift toward promoting STEPN's parent company Find Satoshi Lab (FSL) and its new projects, Wu claimed, citing community sources. The famous blockchain game STEPN began to lay off staff in the bear market. It will mainly lay off more than 100 MODs, ambassadors, etc., and will reduce investment in STEPN, and some development progress has been delayed. According to community sources.— Wu Blockchain (@WuBlockchain) October 12, 2022 Cointelegraph contacted STEPN for comment but did not receive a response before publication. Founded by Australian-based fintech Find Satoshi Lab, STEPN launched in 2021 giving user’s the ability to purchase nonfungible token (NFT) “sneakers” used to walk or run in the real world to earn Green Satoshi Tokens (GST) which can be used for in-game purchases or cashed out.STEPN was off to a promising start after launch; its governance token Green Metaverse Token (GMT) hit an all-time high in April, reaching $4.11, while GST peaked at $8.51, according to data from CoinGecko.Now, GMT has fallen over 85% and is trading at $0.61 at the time of writing, while GST has dropped over 99% to $0.026.It’s the same story for the app’s users, according to Dune Analytics data, which reveals the app's daily active user count rose to an all-time high of 105,257 on Jun. 26 before crashing down to under 6,000 in September before recovering slightly to 11,877 users as of Oct. 5. Recent setbacks include being forced to block mainland China users and a distributed denial-of-service DDoS attack in June. Crypto researcher Lucia Kim from self-described Web3-native accelerator "nonce Classic" claims the decline could be the fault of the limitations of STEPN.In a lengthy Oct. 4 Twitter post, Kim explained the system was structured to make users sell their tokens in the market to claim rewards, but this saw a supply increase, resulting in "accelerating token price decline due to excessive supply of NFTs.”"The more rewards users get, the more tokens they sell to the market, which in turn affects its ecosystem," Kim explained.The STEPN team has recently teased changes are coming, with co-founder Yawn Rong taking to Twitter on Oct. 10 with an open letter to their community stating "changes are happening so that we can continue to add value to GMT and the Find Satoshi Lab ecosystem.""We will be devoting all of our resources to progressing to the next stage of FSL," said Rong.No specifics were revealed, but Rong says more will be explained over the next few weeks, telling his 34,000 Twitter followers they "won't want to miss what comes next."