Stepn development met with more than 10% growth when trading for the week’s GMT opened. This increase allowed GMT to recoup one-third of its 30% decline from May 29 to June 5. The price of GMT has been hovering in the $1.05 range since late March, when it was trading at a high of roughly $4.2 per token after a massive April surge.
Of course, 10% growth in the crypto market is not unusual. Stepn’s (GMT) development, on the other hand, may surprise some people, as the project has been put through its paces for the previous several weeks and is now facing challenges on a scale that few individuals can handle.
Stepn’s abrupt withdrawal from the Chinese market at the end of May was announced. On July 15, it will be compelled to withdraw completely from the Chinese market. The quotes have fallen rapidly, but mainland Chinese users make up 5% of the platform’s total user base, according to the firm.
It appeared that the fire had been put out, and recent CryptoRank data indicated that Stepn’s (GMT) active user base has been increasing steadily throughout the year. The number rose by 192% in May alone.
The process, nevertheless, hit new roadblocks on Sunday, June 5, when it was revealed that the work had been subjected to a DDoS attack. The crew responded quickly by stating that the problem is out of their hands and that server blackmail and improvement through instrumentality are possible from 1 to 12 hours.
In less than 24 hours, STEPN price fell by 32%.
The GMT token has lost over 30% of its value in the last 24 hours, as most STEPN users are leaving the project. The sell-off of GMT aggravated rising fears among investors from other jurisdictions that might impose sanctions on the project.
STEPN, one of the most rapidly developing projects and tokens on the cryptocurrency market in 2022, has lost a third of its value in less than 24 hours after a statement startled a large number of investors.
According to the STEPN official Twitter account, Chinese investors and “walkers” cannot use the company’s goods any longer or they will be banned from the platform. STEPN’s decision to limit Chinese players was influenced by legal problems it has experienced in China.
STEPN will keep track of customers’ software to determine where they are from. On July 15, the initiative will restrict users’ accounts by GPS. Owners of NFTs can sell them in order to receive their original investment back.
They however do not encourage users to sell or hold their assets, and it advises them to make the best judgments for themselves. The project does not take responsibility if consumers use VPNs or employ other technologies to change their IP addresses.