Why is Korea Suddenly Pumping STEEM and SBD?
Excited by the insanely fast and quality answer I got for my first question I decided to use the power of Steemit and your knowledge once again, and ask the next immediately and not tommorow as I firstly planned. This one is really bugging me and I can't figure it out.
Hoping that Steemians that are more involved in monitoring price swings and what big traders and influencers are doing actually get to see this post and solve this riddle.
Yesterday I noticed an insane increase in 24h volumes for both STEEM and SBD. More than ten times the volumes than we usually get (about 180M) with 90% of the traffic coming from Korea.
Today the STEEM pump has went down significantly, with only 84M left from 190M we had yesterday, while SBD is tearing through new all-time highs with 220M in trading volume for the last 24h.
Questions:
- Did Koreans suddenly gain interest in Steemit or is this an artificial pump by big investors and traders?
- Any idea on what to expect in the future?
- Will this positive trend continue or is this just a pump and dump?
- How is 220M in volumes even possible with only 6.8M tokens?
- Are they just going back and forth between their accounts using trading bots to push the prices higher?
I don't know how the trading volume can be so high. but!
I know that a science fact is that the Koreans (north) nation are the most gamblers peoples in the world!
they just like to gamble!
so I can understand why the volume is so high because someone can trade SBD/KRW few times a day until he lost/win .
6.8MX(Ytimes)= this huge amount of volume.
That's true + I've read that Koreans have a hard time seeing their neighbours/friends getting rich while they are still in the same place they were before. Making them eager to invest in coins.
No, that can't be it. Internet is very restricted up in North Korea.
Hey buddy, long time no see!
I'm not gonna try to answer this question atm, but will use this post as a Medium to reach out to you
please check this out :)
Damn, that was an amazing read, glad to see our fellow steemians following the humanitarian path and helping others out. This was truly touching. We should help them out.
This pattern looks like SBD, and maybe STEEM has caught some interest by some heavy traders..this could explain the crazy volume in SBD..Waiting to see what happens next, my guess is that we go down again, once the traders abandon it...we'll see👍
Recently there was a huge buy wall for SBD. The order in value was more than $300,000. It is very hard to say what is going on, but for me it seems that it is speculation and that Korea does not know very well about what they are investing in, specially when it comes to SBD. Nevertheless, future looks very bright. Resteem done.
resteemed it would be nice to figure out why indeed. :-)
someone wanted to push some money into a new laundrette. that laundrette was the safe zone of steemit -- maybe once they are over the border they will pull it back out :)
Great insightful post buddy. With sbd rates pumping, we can laugh all the way at our post payouts. Regards Nainaz
#thealliance
We sure will :)
North koreans are going through tough time now and the situation using any avenue to improove their economic. So they are ready to use the very means available currency which is the steemit.
Hello @runicar, I would like to discuss something with you, could you please see out Discord chat? I would appreciate an early response, thank you!
I would like to know the answer to whether steemit will still be around in mid 2018 in the same form? Like many minnows, I too would like to invest in steem but I see a lot of bad factors like whale wars, whales powering down, some users misusing the system with a lot of rewards per post and so on. For example, a user writes a para or so about what they ate for breakfast and the post gets a huge upvote while a well researched article hardly gets noticed and would be lucky to get a dollar. Is that not bad for the system?