The latest unfortunate events by the move-to-earn blockchain STEPN had the project matching skeptics’ narrative abound an impending crash for P2E digital games. STEPN tweeted about introducing an Anti-Cheating mechanism into the platform.
The gaming site informed its users through a thread on June 4. Sustainability amid continued user increase remains a crucial issue in blockchain games with a P2E business model face.
Meanwhile, STEPN discovered some players utilizing GPS hoaxing and bots to magnify the number of generated tokens using the app. The Twitter post revealed an update that triggered platform downtime for hours and identified some runners as bots. Meanwhile, the servers received about 25 million DDOS attacks. Moreover, that had the gaming platform suspending some users.
STEPN revealed about restoring the network to assure customers platform normalcy. Moreover, data transfers reopened and stayed stable. It said that users should remain alert about bot tagging again. How did GST-SOL and STEPN’s GMT tokens respond to such events?
Runners Still Discouraged
The previous 24 hours had STEPN tokens recording plunges. GMT lost approximately 6% within a day, changing hands near $0.9537. Moreover, surged distribution seemed underway at this publication, as the trading volume saw a 20.56% drop over the past day.
Also, STEPN’s GST-SOL coin maintained downsides. The token noted a 19.18% drop over the past 24 hours. Nevertheless, a Down Volume emerged. While writing this content, the volume stayed 11.53% up, whereas the price remained down. That confirms the trend shift towards a bear market.
Meanwhile, the price charts reflected surged selling volume. For now, bears enjoy smooth rides as the Relative Strength Index stood with a downside curve at 35 and the 50 Exponential Moving Average trend-line stayed beyond prices at this publication. Also, GST-SOL struggled to repel bears as its RSI stayed beneath the 50 neutral at index 26.
On-Chain Front
On-chain data indicated that GMT suffered a hit as far as social metrics are concerned. While publishing this content, social dominance hovered near 0.943%, accruing more than a 70% decline within five days.
Also, the social volume saw a massive 92% drop. Meanwhile, GST-SOL saw a surge in social dominance. This index has gained 261% within the past four days. Nevertheless, the social volume saw a 97% drop over the past five days.
Editorial credit: photo_gonzo / shutterstock.com
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