Recent unlucky occasions which have trailed STEPN, a move-to-earn blockchain venture look like proving skeptics proper concerning the imminent failure of play-to-earn blockchain video games.
On 4 June, STEPN, through a twitter thread, knowledgeable its customers of the implementation of an “Anti-Cheating” infrastructure into the gaming platform. Sustainability because the variety of customers continues to climb is a significant drawback confronted by blockchain video games with a play-to-earn enterprise mannequin.
On STEPN, it was noticed that some gamers use bots and GPS spoofing to inflate the variety of tokens generated by utilizing the applying.
In the Twitter put up, STEPN famous that following the system improve that led to hours of downtime on the platform, some runners have been recognized as bots through the brand new system. This was a results of 25 million DDOS assaults despatched to the server inside a brief time period. This prompted some customers to be kicked off the platform.
Assuring its customers that each one was again to regular, STEPN confirmed that the community had been restored and “data transfers have reopened and remain stable.” It additionally said that customers needn’t be frightened about being tagged as bot once more.
In gentle of those occasions, how did STEPN’s GMT and GST-SOL tokens react?
Runners proceed to look away
In the final 24 hours, each STEPN tokens have recorded declines. Exchanging fingers at a value of $0.9537 per GMT token, the token suffered a 6% decline within the final 24 hours. With a 20.56% drop in buying and selling quantity within the final 24 hours, elevated distribution gave the impression to be underway at press time.
Also on a downtrend was STEPN’s GST-SOL token which recorded a 19.18% loss within the final 24 hours. However, a Down Volume was noticed. At press time, quantity was up by 11.53% whereas press was down. This typically represents a shift in the direction of a correction or bear market.
As for actions on the value charts, elevated promoting stress was noticed. With the Relative Strength Index (RSI) pegging its place at 35 in a downward curve and the 50 EMA development line noticed above value at press time, the bears have been having a area day.
Also struggling to keep off the bears, the RSI for the GST-SOL token was noticed beneath the 50 impartial area on the 26 index.
When all of the chips fall down
On-chain information confirmed that the GMT token has suffered fairly a bit on a social entrance for some time now. At the time of writing, social dominance was seen at 0.943%, accruing over 70% decline in about 5 days. Within the identical time, the social quantity has additionally gone down by 92%.
The GST-SOL then again recorded positive factors in its social dominance. In the final 4 days, this worth has grown by 261%. The social quantity nonetheless suffered a 97% decline within the final 5 days.