Matt Williams
The floor price of STEPN sneakers on Magic Eden NFT marketplace is now 3.9 SOL, just over $100. In April they were worth about $1,200 a pair.
Within the last 24 hours amid the price crash in Bitcoin, Ethereum, Solana and most altcoins, some NFT sneakers sold for even cheaper than that – the average sale price today was 3.72 SOL.
The current daily low for Solana was $26 on crypto exchanges (a 90% retracement from its November 2021 all time high of $259). Some investors will have been able to buy STEPN sneakers for the equivalent of around $95.
Back in mid April the floor price of STEPN sneaker NFTs was 12 SOL, with the Solana price at $107, so each NFT sneaker just two months ago was worth $1,200 or more.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
GST Trending
Despite an over 13% drop in the total crypto market cap today, to under $1 trillion, Green Satoshi Token (GST) – the in-game native currency of the STEPN app – is green on the day.
It’s also the top trending crypto on Coinmarketcap – i.e. the most viewed.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
A cryptocurrency not dropping on negative news can be a sign of it having found a bottom and being ready to establish a short-term uptrend. The crypto markets are in extreme fear over a possible Celsius bank run and the ETH liquidation cascade that could cause.
Having a lot of interest from people viewing the token on CMC can also be a bullish sign.
However Green Satoshi Token was also the top trending crypto earlier this month when the GST price was closer to $1 – so despite the interest and a strong 30% bounce on June 8th, the GST price still dropped further.
Green Satoshi Token was already oversold more than other crypto assets, overdue for a bounce after FUD of its own – China banning the STEPN app. A large part of the play to earn and ‘move to earn’ market share is users in Asia.
Green Satoshi Token traded as high as $9.56 per coin on Bybit exchange on April 29th, its all time high. Since then the price of GST has retraced almost 98% – and was already severely oversold prior to the crypto crash today.
The GST market cap is now just $23 million and GST is ranked #529 by market capitalization on CMC.
The price of GMT, the STEPN app’s governance token, is now trading at around $0.60 with market cap of $365 million – down from $4.17 and over $2.2 billion at its peak on April 28th.
Update – GST is now +40% on the day, trading around $0.24, and Solana has bounced to $30. Some altcoins are bouncing as Bitcoin has found support at the 200 week MA.
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This article was written for Business 2 Community by Matt Williams.
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