Steem Total Value Powered Up - $39 million - May 29, 2022

remlaps-lite (76)in #metrics • 2 years ago

This is next in my series of posts reviewing the amount and value of powered up STEEM on the Steem blockchain. For previous posts, see the end of this entry.

Noteworthy in the last week,

Week over week, the number of powered up STEEM grew by about 200K, or just over 0%.
The week saw 5 daily increases and 1 new high (today) in number of STEEM powered up.
At 41.61%, the series-long high as a percentage of market cap was recorded on April 26. Nearly all subsequent observations have been in the 39% range, so this was probably a fluke of timing in the way that CoinGecko updates their market cap and price fields.
The modeled value of powered-up STEEM lost ground against all comparison tokens. Changes ranged from -4.6% against ETH and LTC to -20% against TRX.
The modeled value of powered-up STEEM lost ground against the USD by about 15%.
Total power-downs this week totaled 880K STEEM, which roughly doubled last week's 440K.
In terms of all comparison values except for TRX and USD, today's locked value is still higher than the January 1, 2022 baseline.

Here are the numbers as-of a few minutes ago:

Total value locked in powered-up STEEM (USD): $39,096,144.36
STEEM market cap $97,966,277.67

Locked value in terms of other tokens:

token	price	locked value equivalent	Jan 1, 2022	pct of Jan 1 baseline
tron	$0.08	485,883,679	809,173,538	60.05%
steem-dollars	$2.56	15,271,931	11,284,131	135.34%
bitcoin	$29,281.00	1,335	1,300	102.73%
ethereum	$1,805.72	21,651	16,501	131.21%
litecoin	$63.15	619,099	411,561	150.43%
steem	$0.25	157,554,895	142,930,214	110.23%
USD	$1.00	39,096,144	61,837,042	63.22%

And here are the charts, based on data collected daily since April 10, 2021.

Daily Changes

Here is a chart of daily changes in powered-up STEEM from April 11, 2021 to present. The graph also includes a linear trend line and a 28 day moving average.

Here are some descriptive statistics, for numbers geeks.

VESTED STEEM

With a weekly gain of about 200k, the graph has a barely perceptible upward slope in recent weeks.

Modeled value of powered-up STEEM in terms of USD

In terms of USD, we saw a weekly decrease of about 6 ¹/₂ million dollars, or 14 ¹/₂%. With today's download at $39 million, the value is still a touch above its May 12 bottom near $34 million, and it remains above the lows from June, 2021.

Modeled value of powered-up STEEM in terms of Tron (TRX)

TRX has shown continuing strength in a mostly down market, and gained additional ground against powered-up STEEM by about 115 million tokens or 20%. This staying power may make the Steem ecosystem more attractive to some because the Steem blockchain provides a mechanism for people to get TRX tokens by blogging and curating Steem's social media content. The historic ratio of STEEM:TRX prices was around 5:1, but recently it's running at 3:1, so using STEEM to acquire TRX is now cheaper than ever.

Modeled value of powered-up STEEM in terms of Steem Dollars

Down by about 800K or just over 5%

Modeled value of powered-up STEEM as a percentage of Steem's market cap

Running basically flat for the last seven or eight weeks, with an anomalous spike on April 26. With today's observed value of 39.99%, we have now seen 55 consecutive days above 39%; 88 consecutive days above 38%; 119 consecutive days above 37%; 246 consecutive days above 35%; and 309 straight days above ¹/₃. After three months of upslope, the graph seems to have leveled off near the boundary between 39% and 40%. Will it hold above 39%? Will it go above 40%?

Modeled value of powered-up STEEM in terms of bitcoin (BTC)

Down by about 190 BTC, or 12 ¹/₂% during the week.

Modeled value of powered-up STEEM in terms of Ethereum

Down by about 1,000 ETH, or a bit over 4 ¹/₂%.

Modeled value of powered-up STEEM in terms of Litecoin

Powered-up STEEM moved down by about 30,000 LTC, or just over 4 ¹/₂%. Still running above the historical average.

Daily Powerdown Activity

Here is graph with data from steemdb.io to show daily completed and pending powerdown activity. Overall, with about 880K powered down last week and 745K pending, we can expect weekly powerdowns to decrease by about 15% or more.

The horizontal lines are the average values for completed (blue) and pending (cyan) powerdowns, and the yellow line is a 28 day moving average of completed powerdowns.

Here are some descriptive statistics for the numbers geeks:

And with a total of 1,133 pending power downs, here are the times, dates, and amounts of the top-10:

 1  2022-05-30T07:20:27 - 136,688,234 MVESTS, 75,240 STEEM
 2  2022-06-05T07:41:24 - 134,732,066 MVESTS, 74,164 STEEM
 3  2022-05-31T04:54:48 - 118,241,014 MVESTS, 65,086 STEEM
 4  2022-05-30T13:19:12 - 67,147,363 MVESTS, 36,961 STEEM
 5  2022-05-31T20:05:48 - 59,704,048 MVESTS, 32,864 STEEM
 6  2022-06-05T16:03:15 - 54,026,987 MVESTS, 29,739 STEEM
 7  2022-06-04T10:50:00 - 46,989,566 MVESTS, 25,865 STEEM
 8  2022-06-01T13:30:54 - 39,933,778 MVESTS, 21,982 STEEM
 9  2022-05-30T13:13:15 - 38,397,977 MVESTS, 21,136 STEEM
10  2022-06-05T18:00:09 - 36,736,453 MVESTS, 20,222 STEEM

Side note: In case anyone is interested, here's a graph summarizing all of the @null burn activity that's recorded in steemdb.io through today. At this moment, the estimated total SP burned in May (top graph) is estimated at 61 SP. The corresponding STEEM and/or SBD in beneficiary rewards are not shown here, but the overall value would be doubled (assuming a value of 1 USD per SBD).

Notes

Reference prices for STEEM and other tokens are downloaded from coingecko.com

Previous posts

For 2021 links, see this post:

Steem Total Value Powered Up - $67 million - January 2, ~~2021~~2022

#tvpu #steemexclusive #penny4thoughts #burnsteem25

2 years ago in #metrics by remlaps-lite (76)

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yas548 (60) 2 years ago

There is a decrease of $ 6 million compared to last week. Steem price is really important. What I'm wondering here is: How did the SBD price stay high? Is it because the supply is so low? Increasing the Steem price is very difficult compared to SBD. This is a short-term plan and not a good strategy for Steem in the long run.

remlaps-lite (76) 2 years ago

I have often wondered about the SBD price, too. It has been in the neighborhood of 8-14 times the price of STEEM for a couple of years now, and I don't know how or why that ratio is being maintained.

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aafadjar (64) 2 years ago

Overall, with about 880K powered down last week and 745K pending, we can expect weekly powerdowns to decrease by about 15% or more.

Is it possible, the powerdown period back to 13 weeks? I think these efforts can contain the amount of circulating steem as well as affect the exchange rate.

I see the Steem chart is still with a rather stable price, where it is bearish or bullish with an insignificant percentage. I believe this is hope.

remlaps-lite (76) 2 years ago

It's possible, but the large stakeholders would need to support it. I kind of doubt if that's going to happen. When Justin Sun and the Tron Foundation bought Steemit, the powerdown window was one of the first things that they acted to change.

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lutek (51) 2 years ago

Thanks for the analysis. The market started the week with green. I hope the market stays green for a long time. I hope the best things will happen for Steem as well.

babangida (53) 2 years ago

The Tron team can also invest some Steem. Just like any other product on the Tron network. For example, they can list the Steem /USDD pair on exchanges. Tron team remembers Steem once in a while :) He should always remember

lupega (69) 2 years ago

The price of steem does not motivate, however we continue working, there is always hope, we'll see.
I wish you a happy start of the week

remlaps-lite (76) 2 years ago

Thanks! I wish you a a nice week, too.

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steemibu351 (57) 2 years ago

Though the price of steem is low a little but the sbd price is increasing. SBD is the best backed dollar. It has a higher price than HBD. It is good. But I am surprised to see the increasing price of steem now. May be this incresing is for low supply of sbd.

emilyben (53) 2 years ago

Steem is holding a good price where crypto market is experiencing a bad swim in price. Though steem has also lost a lot of price, its value is still good. That's why people depends on steem without any fear. Steem is king.

aronnok (45) 2 years ago

So informative post. Steem is always good to invest. That is proved even in this bad time of crypto. Steem will go a long way.

STEEM 0.29

TRX 0.12

JST 0.032

BTC 60180.31

ETH 3001.45

USDT 1.00

SBD 3.64