January 28, 2023

STEPN, the top play-to-earn gaming site, introduced its DEX (decentralized exchange) on June 11. That came even with the platform dealing with DDOS attacks, regulatory sanctions, and overall market crashes. Meanwhile, the whitepaper announced by the team called the DEX a DOOAR. Gamers can use the decentralized exchange to offer liquidity in STEPN’s native tokens, GMT/USDC, or GST/UST pairs.

Dune Analytics’ data shows the DOOAR hit daily active users 66052 on June 30. That had it leading in highest daily users within the Solana chain. Meanwhile, how have GST and GMT reacted since the DEX launch?

Price Analysis

GMT token traded at $0.92 on June 11, during the DOOAR decentralized exchange launch. Nevertheless, the alt hit the $1.08 high on June 26 before bears emerged to trigger reversals that translated to substantial declines.

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GMT recorded a 13% plunge within the past 20 days to trade at $0.8113. Also, Santiment data confirmed an 11% market cap drop within that timeframe. The alt gained 2% within 24 hours, whereas its trading volume surged 16%.

Meanwhile, GST-SOL traded with no relief within the past 20 days. The token traded at $0.38 during the DOOAR DEX launch. However, GST-SOL lost 68% to its current price. While writing this content, the alt traded at $0.1227. Meanwhile, its market cap (within the phase under review) plummeted to $24.48M from $39.61 million. Coinmarketcap data shows GST-SOL lost 3% within the previous 24 hours.

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Metrics Front

GMT witnessed a rapid surge in the social index within the past 20 days. Moreover, its social volume has soared more than 300% since June 11. Also, the social index recorded a 61% decline during that timeframe. The period had GMT whale supply plummeting by 4%.

Meanwhile, bears have infested the crypto market over the past months. Bitcoin struggles beneath $20K at this publication, losing 2.21% within 24 hours to $19,143. BTC’s move beneath $20K triggered sell-offs in the altcoin space, with Ethereum battling beneath $1.1K at this publication. Also, the overall cryptocurrency market cap lost 1.78% overnight to $862.49 billion.

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