One of the three currencies that feed Steemit's blockhouse-based social media site, Steem (STEEM) gained 22% in the two previous days. Despite the price increase in January, monthly visitors and unique account creations continue to plumb new annual lows on the Steemit social media website.
Price of STEEM
STEEM's recovery was slow to come – the currency gained 43% from December to January, but most came in the last forty-eight hours. Compare it with those of the altcoin majors and mid-caps such as Tron (TRX), Zilliqa (ZIL) and Augur (REP) that have gained over 100% at that time, and see a large discrepancy.
From Monday to Wednesday, STEEM toured 22% which brought the price of coins from $ 0.249836 to $ 0.306033. The negotiations against the Korean victory over the exchange of currencies represented over 40% of the daily trades, or about $ 1.2 million of the daily total of $ 2.7 million.
Steemit gets cold
After undergoing the humiliation of dismissing most of his staff in November, Steemit continues to resist despite the collapse of numbers.
Surprisingly, Steemit's social media site has lost nearly 20 million monthly visitors in the last six months – a 61% decline compared to 30.8 million visitors in July, to the current 11.9 monthly visitors according to SimilarWeb. Even new account creations have decreased by 83% in the last six days, however statistics show that new users tend to get flooded every time the price of coins decreases, even if only for a short time.
In May 2018 CCN reported that Steemit had exceeded one million accounts created on the blockchain. At the time it was an amazing figure and attracted many titles. However, Steemit statistics of the era suggest the number of single users were actually much less – closer to 150,000 according to this graph of @arcange of Steemit.
Follow the money
The same chart shows that January 2018 remains the most successful month of Steemit. The site gained nearly 120,000 new users in the sixty days prior to the January historical high, when the price of coins rose to $ 8.57.
As the currency fell to a minimum of twenty months in December, even single accounts on the blockchain fell to eighteen months lows in the process. On 9 January, there was a significant increase in new account creations, as STEEM experienced a similar price increase of 23% and in one day 4,108 new users were welcomed to Steemit.
Six days later, new registrations had dropped to 695 a day, while STEEM's gains of the previous days had been wiped out.
Steemit was launched at the beginning of 2016 and has divided opinion since its inception. Take a look at this recent primer for an up-to-date overview of Steemit and its features.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.