Do You Know Why STEEM is Pumping?
Who cares! What else do Steemians want? STEEM is pumping up after the longest bear market ...whatever the reason may it be, let it soar high!
People do ask for reasons when something is being heavily dumped but we don't generally dig for reasons for a pump. But when it's pumping disproportionate to the gains in Bitcoin, there must be some reasons for it.
I don't know what Technical Analysts are telling for STEEM at the moment. But whenever there is a huge pump, there is some solid news, event or a rumour for it.
In the case of STEEM, I see a good combination of misinformation backed by under-publicized development. That's how I see the things. Let me describe it in some more detail.
Crypto market is still referring to last year's official announcement from @steemitblog about launch dates of SMT. According to this announcement, following SMT release dates were mentioned:
January 15, 2019 - SMT development complete and live on the TestNet.
March 24, 2019 - SMT fully released and live on the Steem Blockchain.
"TestNet launch" & "Mainnet Launch" are BIG words in crypto trading circle that impacts the price of a coin positively. So as per the above post, people were expecting a TestNet launch on 15th January. Do you remember the sudden hike in STEEM prices in mid-January?
I was wondering then too. But I credited it to the launch of Hivemind and some modification for lightening the nodes / RAM around the same time.
Now in the absence of any update about SMT mainnet launch, many people outside of STEEM ecosystem believe that there is a possibility of SMT mainenet launch on 24th March. Thus the pump in prices!
Fortunately, there are other several factors which can contribute to the price rise if they are marketed well. May be, they are playing their role too. Some of these are:
- STEEM/USD listed on Lykke Exchange
- STEEM got listed on Huobi marketplace for USA
- Steem Engine (a.k.a. SMT on a side chain) was launched and a DEX for the Steem Engine tokens is live too
- STEEM Wallet app's soft roll-out
- Today STEEM got listed on Korea's Probit Exchange with USDT, BTC and KRW pairs.
All these and many more events that I'm not listing out here are playing their role to support the rumour of SMT launch on 24th March.
By the way, any information on when is SMT expected now?
It would be a good idea to officially announce the next probable date for SMTs on 24 March itself 😉
Let STEEM go to the moon!
There was a steem buy recommendation in Korea by one of the exchanges. I read this this morning here on steemit.
Really? I'll always recommend that 😜
But do you know what was the reasoning behind the recommendation?
Nope.
no clue, but i'll take the extra virtual green (
Yeah, more the merrier!
Let Steem go to the moon and stay there!
Thanks for the clues!
Posted using Partiko iOS
Amen!
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