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RE: Steemit Statistics Week 9 - Interesting Event to Highlight...
Wow. That's a ton of information. It took me a while to look at all of it. It's weird how the price of STEEM is dropping so quickly. I was hoping it would drop like 1% per week. What happens if the market cap drops to a million? Is Steemit even viable at that point?
You should read Down Down We Go – And why that might not be a bad thing. It covers that scenario :)
The thing is, Steem went right up to $4 after the first payout. That was a huge spike on great news. But that sort of spike is always going to trail down afterwards. That isn't any indication of a failure, it's just natural market activity, at least for a small and volatile asset. It happened to Bitcoin many times.
It seems like the Steem price might have stabilised in the last few days though. It looks like it might even rise further.
If the market cap did drop to a million, I wouldn't say that Steem was finished. But it would probably mean that Dan and Ned would have to do a lot to change the direction, to get more people interested.
i actually believe you would simply see a spike in buying steem and powering up if it went that low...which would only make the price recover.