From the "Running Shoes to Wealth Dream" to being ignored—The truth behind the STEPN bubble

Remember the frenzy of “move and earn” back then? STEPN was once the brightest star in the crypto world, attracting millions with a seemingly perfect story: download the app, buy virtual sneaker NFTs, and earn tokens just by walking or running daily. Simple, enticing, and fulfilling both the dreams of fitness and wealth at the same time.

The Peak of Wealth Illusion

At STEPN’s peak, the price of a virtual “sneaker” was driven up to thousands or even tens of thousands of dollars, making the entry barrier extremely high yet still in high demand. Social media was flooded with users sharing screenshots of their earning from running and showcasing their shoes, as if everyone was achieving financial freedom through exercise.

Why did this Move-to-Earn model explode in the market? The core reason is that it cleverly triggered two of humanity’s deepest desires—health and wealth. Rather than trusting the project itself, people were more captivated by a “pie in the sky” story.

Seemingly Perfect, Actually Full of Crises

But any seemingly cost-free profit should ring alarm bells. The economic model of STEPN fundamentally relies on a simple yet fragile premise: continuous influx of new users and capital to pay out mining rewards to existing users. This pattern has a scientific name—Ponzi scheme.

When the market shifts from bull to bear, new user growth peaks, and capital becomes tight, the contradictions within the system become exposed. Token prices begin to spiral downward—according to the latest data, GST is now trading at $0.00 (down 6.76% in 24 hours), and GMT is only at $0.01 (down 5.78% in 24 hours).

Those once-expensive virtual sneakers instantly become worthless, countless participants’ wealth evaporates, and the once “run to get rich” myth turns into a joke.

The Lesson of the Bubble

The rise and fall of STEPN is just another microcosm of the crypto world. It perfectly illustrates an unbreakable rule: any economic model detached from real value support will ultimately succumb to rapid disillusionment.

This is not to condemn innovation itself. STEPN’s initial concept was quite interesting—using blockchain incentive mechanisms to promote healthy behavior. The problem arises when the concept itself becomes a breeding ground for bubbles, and when capital speculation overshadows the project’s fundamentals, turning innovation into collective speculation.

For every crypto investor, STEPN’s story is worth reflection: when attracted by the next “hot spot,” ask yourself three questions—are the project’s returns truly sustainable? Where is the real demand supporting the price increase? Am I an early believer or just a bag-holder?