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Highlights
- The Steem (STEEM) crypto is a unique protocol designed to build decentralised to build social media platforms.
- The Steem crypto on 6 June was enjoying a rally of 3.26% and a volume rally of over 300%.
- On Monday, Steem token was trading at US$0.287982 with a trading volume of US$26,02,69,764 over a day, according to CoinMarketCap.
The Steem (STEEM) crypto is a unique protocol designed to build decentralised to build social media platforms, which was launched in January 2016. Operating on the delegated proof-of-stake blockchain, the Steem crypto rewards users for generating content and works as the underlying blockchain to the Steemit interface.
Founded by Ned Scott and Dan Larimer, the Steem crypto allows developers to create DApps to support various use cases, such as those in DeFi and gaming.
On 6 June, the Steem crypto was enjoying a rally of 3.26% and a volume rally of over 300%.
Related read: 3 Web3 innovations that could drive the crypto industry
Why is Steem rallying?
Although the exact reason for the rally is hard to predict, Steem crypto announcement of the prize pool award. Besides, the reason for the noise is also due to the increase in the volume, with many Twitter participants suggesting that it’s the time for the crypto to move up.
A look at the technical aspects would seem to agree with the Twitteratis. The Steem crypto has been witnessing decent interest from the market participants, with the RSI indicating it to be at 49.88 during the intraday trading session.
Image credit: Trading View
The MACD indicators indicate the momentum with the Signal line (in orange) below the MACD line, indicating that the positive momentum is getting stronger for Steem crypto.
Related read: Optimism (OP) crypto's volume soars over 10,600%. Here's why
How is Steem crypto faring?
On Monday, the Steem token was trading at US$0.287982 with a trading volume of US$26,02,69,764 over a day, according to CoinMarketCap. The Steem crypto over the past week or so has been on a good run as it was up by 18.7%, according to CoinGecko. The Steem crypto was still enjoying a market cap of US$11,37,39,008 with 39,49,51,699 coins in circulation.
Whether the Steem crypto will be able to maintain its momentum or not remains to be seen, but its investors will be cheered up by the rally. They also need to be mindful that the crypto market is gripped with extreme volatility and fear, and crypto prices can change at any given point in time. Therefore, market research must ensure that the market participants don’t suffer unnecessary losses while taking any investment decisions.
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