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The popular running game that makes money in Vietnam suddenly depreciates but has recovered

Coins and tokens of the StepN project are rebounding after a sharp drop yesterday. Thus, after winning the hearts of both investors and StepN NFT shoe buyers, the two digital currencies of the “move to earn” project seem to have returned to orbit.

At the end of the afternoon of May 28, GMT price – the governance coin of the StepN project – is trading at 1.06 USD, up 14.1% compared to yesterday. However, this price has not been able to reach the level of 1.3-1.4 USD which has been maintained for the past 7 days.

Similarly, GST – the reward in the game StepN – has now reached 1.94 USD, recovering about 6.85% compared to the previous day. However, GST must be up to 2.6-2.9 USD, equivalent to the average price of the previous days.

The popular money-making running game in Vietnam suddenly depreciated but recovered - Photo 1.
The popular money-making running game in Vietnam suddenly depreciated but recovered - Photo 2.

GMT and GST both “plugged up” yesterday and increased again today May 28. (CoinMarketCap screenshot)

“The way back to the shore is further away,” said one commenter in the running group to earn money in Vietnam, implying that the payback will be longer due to the falling coin price. However, some others also jumped in to “catch the bottom”. For investors who participated in buying yesterday, today can profit about 14%, or 14 USD for every 100 USD invested.

Just yesterday, both GST and GMT suddenly plummeted without braking, at one point losing nearly 40% of their value. Specifically, GST, which was at $2.50, suddenly dropped to $1.50, GMT was at $1.38 and fell to $0.84.

The current devaluation of two cryptocurrencies of the most popular “move to earn” project is related to the policy of the development team towards players in China. Accordingly, in an announcement on Twitter yesterday, the project team said that it will block players in China through GPS and IP blocking from July 15. Without GPS, the application will not record the distance traveled by the player.

In this notice, StepN emphasized that it has no business in the country of billions of people, and said it “always strictly complies with the requirements of local regulatory authorities”.

Commenting on this, CoinDesk said that China’s crypto regulations are very vague and that Chinese banking associations’ scrutiny of the NFT is increasing. This could put pressure on StepN not to let mainland players join the platform.

The specific case of StepN is affected by their policy in the China market. Particularly, other cryptocurrencies are currently falling in price due to the market’s downtrend. Bitcoin is currently trading at $28,775, having broken through the $29,000 mark maintained a few days ago.

Many people consider the cryptocurrency market to be in hibernation, with Bitcoin forecast to fall to $8,000.


According to Hai Dang

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