In this article we are going to learn about the STEEM crypto, a token native to the Steem ecosystem, and we are going to analyze the Steemit social platform, a fairly popular application within the cryptocurrency landscape.
Steem represents a “social blockchain” that powers several platforms where content creators can monetize their activity by receiving STEEM tokens as rewards.
In addition to Steemit social media, Steem’s blockchain does in fact power other dApps with real-world use cases such as eSteem, DTube, Utopian, and Steem Monsters.
Yesterday, the STEEM crypto had a significant price increase, yet the price has already started to deflate. What has happened?
Does Steemit have anything to do with the pump of the STEEM crypto?
Summary
Steemit (STEEM) crypto news: the 20% growth in one day
Why has this rapid rise and fall in price occurred?
What is the STEEM crypto and how does the Steemit social media work
The Steemit social media
Steemit (STEEM) crypto news: the 20% growth in one day
On Thursday 6 April, the cryptocurrency STEEM had a positive price increase of 15.26%, but if we also consider the spikes, the positive change was more than 60%, with volumes in the last 24 hours touching the $340 million mark.
This is crazy when we consider that STEEM’s market capitalization is $95 million.
STEEM’s current price is $0.24 per token, but yesterday it also touched $0.35.
The circulating supply is 431 million tokens, while the total supply is theoretically infinite.
The rise recorded yesterday has already been partially burned, with the formation of a local top well away from the current price.
The main markets on which STEEM can be traded are Binance, Bithumb, Bitvavo, and Upbit.
Why has this rapid rise and fall in price occurred?
Is there any Steemit-related news that has caused the price of the STEEM crypto to increase?
At the moment, there does not seem to be any news correlation that could justify this sudden price movement.
What stands out most is the frightening growth in volumes.
On Binance for example, on the STEEM-USDT trading pair it is possible to see that on 6 April at 1:00 AM (CET) average volumes (1h time frame) recorded $26,000 in trades while in the next candle, i.e. at 2:00 AM (CET), volumes grew to the figure of $9 million.
The highest volumes, however, did not occur on Binance, but on Upbit on the STEEM- KRW trading pair, which currently boasts 78% of the total volumes traded in the last 24 hours on all markets.
The reason for the rise of the STEEM crypto does not seem to be related to any news regarding Steemit, but rather appears to be an attempt at market manipulation by the South Korean whales in order to attract liquidity and offload their tokens at a higher price.
This can be well guessed from the parabolic increase in volumes, which normally happens only in the presence of strong news, as happened for example a few days ago with Dogecoin, when the logo of the famous dog replaced that of the blue bird within Twitter.
In the case of STEEM, no relevant news and a crazy growth in trading activity.
Steemit nunca se ha valorado en todos los años que lo conozco.
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