The tragedy that followed LUNA and its eventual crash attracted regulators globally, and crackdowns are underway in some jurisdictions.
On May 26, the move-to-earn digital project STEPN tweeted about halting its services in mainland China to comply with the nation’s regulatory policies. Moreover, it confirmed stopping GPS services for users in Chana from July 15, according to IP location services and T&Cs.
The company added that customers in the affected area who want to sign in and utilize their accounts from IP location or GPS would make in-app assets decisions. The announcement had STEPN’s native token GMT (Green Metaverse Token) on a severe drop, dragging prices to $0.83 from $1.24.
A Downside Race?
GMT token seems to have lost the gains acquired following the May 30% 10% intraday gain. While publishing this blog, the lifestyle token exhibits bearishness, shedding 5% within the past 24 hours.
That shows runners booking profits after the May 30 temporary surge. For now, GMT token trades near $1.19, approximately 70% down from its $4.11 all-time high.
Moreover, GMT had its trading volume plunging by 16.42% within the previous day. The token’s gradual distribution affirmed the drop according to the actions on STEPN’s price chart.
While publishing this blog, the Money Flow Index and Relative Strength Index stayed beneath the neutral 50 territories, keeping downside curves.
Everything Down
According to on-chain analysis, GMT presented a pessimistic performance within the past 24 hours, with vital metrics witnessing southbound trends. While writing these lines, the overall NFTs trade count stands at 18,044.
That represents a 75% decline within the past 24 hours. Moreover, the drop confirmed faded interest by runners after cashing out their profits from the platform. As a result, NFTs’ total trade volume saw a 65% plunge from May ’30s $23.8 million to May 31’s $8.25 million.
On the social front, GMT suffered plunges within the past 24 hours. The social dominance crashed by 69%, whereas the social volume recorded a 95% fall.
What are your thoughts about GMT and crypto regulations? Will the token survive? You can use the comment section below for your replies.
Editorial credit: photo_gonzo / shutterstock.com
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