Solana-based STEPN (GMT), the latest project affected by the Chinese bans, gained 20 percent today after quickly losing 35 percent of its value yesterday.
STEPN (GMT) had to stop its service in the country to comply with China's policies regarding cryptocurrencies. Following this development, the project's token, STEPN (GMT), fell from $ 1.37 to $ 0.89 yesterday, depreciating by 35 percent. In the first hours of the day, the depreciation extended to $ 0.8. After this shock in the GMT market was overcome, with the increase in buyer volume, the altcoin increased its value by 20 percent during the day and returned to the 1 dollar band.
STEPN (GMT), a web3-based application, has announced that it will not continue its services in the country due to China's anti-crypto policies, showing that it will take proactive actions against regulatory policies.
Applications that offer game-based earning programs attract the attention of countries
It is known that Chinese users make up 5 percent of STEPN's user base, which has 3 million users. The STEPN (GMT) project allows users to earn GMT tokens as they move through the app by selling sneaker-themed NFTs.
Such projects, which emerged as a regular earning method, have also entered the radar of the governments of the countries. It is expected that countries will introduce a taxation model and KYC requirement for such crypto money earning methods in the future.
On the other hand, Chinese crypto advocates seem determined to fight bans despite the risks. For example, although cryptocurrency mining was banned in the country last year, the latest data revealed that Bitcoin mining continues in China. So much so that currently, Bitcoin mining activities in China have the second largest hash rate worldwide after the USA.