STEPN to be a part of your Q4 portfolio? You may want to read this first

ambcrypto.com:

STEPN [GMT] registered approximately $10.36 million in profit in Q3, which would be a 90% drop from its Q2 earnings. The decline in profits could be attributed to STEPN’s declining number of users and activity.

However, given the drastic drop in the token’s Q3 performance, it only remains to be seen whether STEPN would swing with the festivities of Q4.

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              Here’s AMBCrypto’s Price Prediction for STEPN for 2022-2023.

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One of the main concerns for the GameFi application would be its declining number of daily active users. The number of daily active users for STEPN witnessed a steady decline since the end of June. This was evident from the chart given below. 

The decline began at the beginning of the third quarter, and the number kept depreciating since. This update could be one of the reasons for GMT’s poor performance in Q3.

Source: Dune Analytics

Even though the number of daily active users declined, the number of transactions on the network witnessed a surge over the past 90 days. As can be witnessed from the image below, despite some volatility, the number of transactions per user showed growth over the past quarter.

Source: Dune Analytics

Additionally, despite STEPN’s dwindling price and daily active users, the network did witness some steady movements. Users that relied on STEPN and continued with their daily transactions may be the key for STEPN’s growth.

Despite a positive update on the user front, there were still major concerns about the network. The STEPN ecosystem is majorly driven by its NFT shoes, which users purchase on its