What’s happening with STEEM crypto price today? - Kalkine Media

June 06, 2022 04:25 PM AEST | By Ankit Sethi
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  • The Steem blockchain has not one but multiple assets including the STEEM crypto and SBD token
  • Steemit is said to be the front end interface that enables interaction with Steem’s blockchain
  • The STEEM token is one of the top 200 cryptos by market cap

Cryptoassets linked to blockchain network service providers make for an interesting watch. Ethereum’s Ether is the second largest asset by market cap, and Solana’s SOL was a big gainer last year.

Cardano, XRP, and BNB are among the top 10 cryptoassets, and all have their independent blockchains. Every blockchain network claims some advantage over rivals. For example, Solana says it can execute more transactions than Ethereum.

Similarly, there is one blockchain that works primarily in the social media space. What is it and how is the linked cryptoasset faring? Let’s find out.

Steem blockchain

Steem calls itself a “community-focused” network. In its whitepaper, the blockchain claims it eliminates any requirement of network fee.

Decentralised Apps (DApps) using Steem’s blockchain include Steemit and DTube. The network also claims to have faster speeds as compared to both Bitcoin and Ethereum. On its website, the blockchain boasts over a million users, with more than 300 apps built on it. It also mentions that the mining of new tokens is no more possible as the proof-of-work consensus has been discontinued.

Digital assets of Steem

The Steem ecosystem has multiple assets. These include Steem Blockchain Dollars or the SBD token. The token witnessed a steep rise before paring gains, at the time of writing. Smart Media Tokens or SMT is the other offering of Steem. SMT tokens are said to be for products that use Steem’s blockchain and are looking to monetise their services.

The STEEM token is another native coin of Steem. It is termed by the project as the “gateway” token for all other digital assets launched on its blockchain.

STEEM trades on Binance, Huobi Global and other exchanges, according to the information available on CoinMarketCap.

Also read: Two cryptos rising today: Steem Dollars (SBD) & Plutonians (PLD)

STEEM crypto price

Similar to a steep rise in the SBD token, STEEM crypto has also surged recently. From under US$0.3, the token soared to touch nearly US$0.4 within a few hours of trading. At the time of writing, however, the STEEM crypto has dropped below US$0.3, but is still in the green.

One of the reasons behind the surge in STEEM could be its fundamentals, which include a blockchain network. Besides, the wider cryptoverse is also gaining at the moment, with both Bitcoin and Ether up almost 5%. The SBD token’s rise may also have supported the price of the STEEM crypto.

STEEM crypto price

Data provided by CoinMarketCap.com

Bottom line

The STEEM crypto is one of the top 200 cryptoassets, and its ecosystem includes a blockchain network. The wide fluctuation in STEEM in a very short span of time comes as a reminder of risks in the crypto world.

Also read: 3 cheap cryptos to keep tabs on in second half of 2022

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