steemit soars up to 1700%

Steem, the cryptocurrency behind decentralized social media platform Steemit, has soared by 1,700% in value in less than ten days, moving from a market capitalization of US$13 million in early July, to US$225 million at the time of writing. This makes Steem the world’s fourth most valuable cryptocurrency behind bitcoin, ether and ripple.

steemit logo blockchain social media platformFollowing Steemit’s first major distribution – a payout of 10% of Steem’s market cap – on July 04, the number of transactions, posts, votes and new users sign ups has tripled. The startup now aims at becoming “one of the largest and fastest growing cryptocurrency projects in the world.”

Steemit’s blockchain has been handling hundreds of thousands of dollars in trading volume each day, with each transaction, post, and upvote subject available to anyone to consult.

Will it hold like this, or it will keep growing in an amazing speed this is up to us community.