Thread by @m2e_chris

Today was wild day in StepN land.

Prices have been tanking on both chains and people are freaking out.

I have a theory. It’s pure speculation so don’t hold me to it.

Here’s what *might* be happening. What do you think?

#STEPN #MoveToEarn

Today, the team announced that they would be removing GPS access to all players in Mainland China.

They we’re never allowed in the first place but they used VPNs and made up 5% of the user base.

I think it’s likely that many mint farms came from this group.

The news today may have spooked them into dumping all of their assets in case they lose access to the app.

If you watched the shoe dumps happen today like I did, you’d have seen lots of 0 mint shoes lvl 2-5 selling at floor price.

This phenomenon would fit the narrative.

I picked up a 0 mint lvl 5 jogger on BSC for 12 BNB because of it.

If this theory is true, I’d expect to see more shoe dumps happen over the next few hours. China is about to wake up and the players/farms who haven’t seen the news yet are going to dump their assets.

How does this play out?

We’ll have less people minting which will drive the floor prices up and make minting more profitable.

Again, this is just a theory. I could be dead wrong.

And if I am, I still made 130+ GST after repairs today at $12.55. That’s $1631 profit.

I have nothing to complain about.