RE: There's Something VERY Strange Happening With STEEM and SBD In The South Korean Exchange Upbit!
I suspect we can divide the volume numbers by around 1000. There are 1067 KRW to the USD. Possibly the KRW volume is somehow being reported as USD volume. In any case the volume makes no sense. It looks inflated by 1000 times to me.
EDIT: I just visited their website. As you can see there is a discepency between the volume of steem reported as traded on the top right of the screenshot and the volume of steem reported as traded on the bottom left of the screenshot. The difference is 1000 times. Conclusion, coinmarketcap.com probably have a figure which is 1000 times too large.!
Also look at the reported volume on the bar chart. You can easily see that the volume is nothing like that reported on coimarketcap.com. Maybe there were 25 million KRW traded which would make a volume of less than 5 million steem.
I believe translation errors are mistaking volume held on the website with volume traded or something similar.
Don’t get excited yet.
Thanks for digging this up, looks like CMC got sidetracked with fake data this time. It does make a lot more sense now and we're heading for the option one, with a caveat: data is not fake (on purpose) but is not entirely true.
Thanks, great analysis.
Even if this is whole 'pump' is down to (unintentional) fake reporting, I still think the underlying increase in steemit bodes well for the coming months (maybe not weeks).
As to how far real global demand is increasing for steem, I don't know how far South Korea is ahead of the rest of the world/ or to what extent it's a trend-setter in such matters...? Something I may well research in the coming weeks.