Social Media Based Altcoin Steem Nears Top 10 Digital Currencies

Steem bounced back into the 12 ranking on CoinMarketCap again on Tuesday, after losing some of its glory and having been wandering in the wilderness of crypto rankings for some months now.

Rise and fall
The Blockchain social media startup entered the market two years ago with the concept of sharing revenues with its users.

The monetary incentive it was offering propelled it to higher heights, and in July 2016, Steem rose by more than 2,000 percent to reach more than $400 mln in market cap within two weeks. At the same time, its price also grew from $0.24 to $4.63.

It was one of the top contenders in the crypto space until it started declining late last year, and finally, was pushed back to the lower echelons.

In fact, at the advent of Steem, it had a lot of critics who branded it as a pump and dump and Ponzi scheme to reward early adopters. Going down so drastically might have left those detractors smiling.

It actually gave out a lot of revenues to early adopters who had a good number of followers and could share popular content. It was believed by many that it was going to change the face of social media and make the likes of Facebook and Twitter obsolete if they do not adjust.