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Move-to-earn app STEPN’s native token, GMT, slumped sharply on Friday after it abruptly announced a withdrawal from China.
GMT fell 37% in minutes after the announcement, and is now trading down 34% over the past 24 hours, at $0.8673.
The slump pushed GMT to its lowest level in two months, erasing most of the token’s stellar gains through April. GMT’s rally in April had seen it balloon in popularity, briefly putting it among the top-50 cryptocurrencies.
But the program’s withdrawal from China may prove to be a major hurdle, given that the country has a large potential userbase.
GST, STEPN’s other token, is down 24% at $1.55 in the past 24 hours. The crash also caused mass liquidations in GMT futures trading, with a record $23 million liquidated in the past 24 hours.
