STEEM surges to $.25 in overnight trading
STEEM starting to see some green shoots
It's been a while since STEEM saw some decent green on the screen.
All that changed last night...
Out of nowhere STEEM popped from roughly $.18 to almost $.25 in less than an hour.
Check it out:
(Source: https://www.mexc.com/exchange/STEEM_USDT?_from=search_spot_trade)
As it stands now, STEEM has given back most of those gains currently trading a few ticks under $.20 but that is mostly a symptom of the broader crypto markets.
Bitcoin was $21.6k and is now $20.6k, and as bitcoin dropped $1k it pulled everything else down as well.
The fact that STEEM got to $.25 is very interesting for a couple reasons...
The main reason that is interesting is because SBDs will start printing again once STEEM gets to $.251 and holds.
If we can get the 3.5 day average price of STEEM at $.251 or higher we will be getting the full SBD print rate again, which is interesting considering SBDs are trading well over a dollar still...
I expect many more pumps like this through the year as cryptos mostly go sideways this year with runs and drops before the real bull market starting next year.
What surprised me was the trading volume - more than 2.2X market cap. In the past, I think we've mostly seen that kind of volume during times of high drama (i.e. hard forks, witness wars, etc...)
Offhand, I don't know an easy way to check the more recent numbers because CoinMarketCap crippled their public API, but as of March, 2021, 1.834 was the highest ratio of 24 hour volume to market cap.
Yes that was nice to see. I think it terms of total volume it had higher volume on June 4th of 2022, but it terms of a ratio to market cap, I am not sure. The volume is nice to see and hopefully indicates more staying power, but with so much of that volume being wash trading by sketchy exchanges, it's tough to know for sure exactly what it means...
BTW, I mentioned you in a comment here as someone I would trust to be a part of this...
https://steemit.com/steem/@jondoe/what-if-we-used-the-sbds-created-every-day-in-the-dao-to-buy-and-burn-steem
What do you think? :)
Upvoted! Thank you for supporting witness @jswit.