Recent tragic occurrences surrounding STEPN, a move-to-earn blockchain project, appear to be proving critics right about play-to-earn blockchain games’ impending failure.
STEPN alerted its users of the inclusion of a “Anti-Cheating” infrastructure into the gaming platform via a twitter thread on June 4th. Sustainability is a big issue for blockchain games with a play-to-earn business model as the number of users continues to grow.
Some gamers have been seen on STEPN utilizing bots and GPS spoofing to exaggerate the quantity of tokens generated by using the program.
Following a system upgrade that caused hours of disruption on the site, some runners were detected as bots by the new system, according to STEPN’s Twitter post. This was caused by 25 million DDOS attacks being launched against the server in a short period of time. Some users were thrown off as a result of this.
STEPN reported that the network had been restored and that “data transfers have reopened and remain stable,” assuring its users that everything was back to normal. It also claimed that users need not be concerned about being labeled as a bot in the future.
What was the reaction of STEPN‘s GMT and GST-SOL tokens in light of these events?
Both STEPN tokens have dropped in value during the previous 24 hours. The GMT token, which is currently trading at $0.9537 per unit, has lost 6% of its value in the previous 24 hours. Increased distribution looked to be underway at press time, with a 20.56% decline in trading volume in the previous 24 hours.
STEPN’s GST-SOL token, which has lost 19.18% in the last 24 hours, is also on the down. A Down Volume, on the other hand, was found. Volume was up 11.53% at press time, despite the fact that press was down. This usually signals the start of a correction or bear market.
On the price charts, there was evidence of increased selling pressure. The bears were having a field day with the Relative Strength Index (RSI) pegged at 35 in a downward curve and the 50 EMA trend line found above price at press time.
The GST-SOL token’s RSI, which was noted below the 50 neutral region at the 26 index, was also failing to fend off the bears.
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