STEPN removes GPS in China, can the value of the token recover?

2022-5-27 13:44

STEPN GMT/USD is a web3 lifestyle application that features built-in Game-Fi and Social-Fi elements that aim to aid people in their daily activity needs.

In other words, it is a fitness tracker that has play-to-earn (P2E) mechanics.

All users have to do is equip themselves with non-fungible tokens (NFTs) in the form of sneakers, and by walking, jogging, or running outdoors, they can earn game currency which can be used in-game or cashed out.

The Removal of GPS in China amid regulatory concerns is a reason for the decline

On April 19, 2022, we covered how STEPN (GMT) started reaching its all-time high point of value and carried on with its climb.

However, things have taken a different direction lately.

STEPN has announced that they will be forced to stop providing any GPS services to users that are located within China starting from July 15, 2022.

According to the announcement, in order for the company to respond actively to relevant regulatory policies.

They will conduct an inventory of software users, and if users in mainland China are found, they will stop receiving GPS services from the STEPN application to their accounts at 24:00 on July 15, 2022 (UTC+8) according to the terms of use. and IP location services.

This has led to a lot of investors within the GMT cryptocurrency asking themselves how this development will impact its overall value.

Should you buy STEPN (GMT)?

On May 27, 2022, STEPN (GMT) had a value of $0.9362.

In order for us to see what kind of value point this is for the cryptocurrency, we will be going over its all-time high point of value, alongside its performance throughout the previous month.

When we take a look at the token’s all-time high value, STEPN (GMT) had its all-time high on April 28, 2022, with a value of $4.11.

When we take a look at the performance of the token throughout the previous month, STEPN (GMT) had its lowest point of value on April 7 at $2.0427, while its highest was on April 28 at $4.0452.

This marked an increase in value of $2.0025 or 98%. With this in mind, at $0.9362, the STEPN (GMT) cryptocurrency could be a solid buy, assuming it passes the $1 price range.

If it does so, the token can climb to $2 by the end of June 2022, making this a solid entry point. However, if it dips under $0.5, then it might be worth considering.

The post STEPN removes GPS in China, can the value of the token recover? appeared first on Invezz.

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