Since the first-ever blockchain project appeared, the uses of the technology widened and now also include social media. For instance, the Steem blockchain was created to provide a more fair social media environment, where the users instead of platform owners are getting paid for their social activity. Read our STM token price prediction and see if it’s an asset to invest in.
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Steem Fundamental Analysis
Steem is a social blockchain that offers an instant earning opportunity. The users can get rewarded for sharing the content. According to the project website, it’s the only network that powers real applications via social apps like Steemit — the first application built on Steem in 2016. The vision of the project is that the venture contributors should be paid by the owners just like the startups that allocate the shares during funding rounds. It also aspires to serve the community by providing numerous financial opportunities.
Steem was founded by financial analyst Ned Scott and blockchain developer Dan Larimer and aspires to return the value of all the content created on social media to those who generated it. To achieve these all the users were made the stakeholders and were provided with full control over their own data. After each contribution, the user gets rewarded in crypto.
The network also offers free and fast (processing every 4 seconds 24/7) transactions and is considered scalable for social applications as it provides unique features of crypto in social media. It was already used by over 1 million people on over 300 Steem-based apps.
The blockchain protocol is public, and the users can interact with each other and earn money. Steem combines the features of cryptocurrencies and social media. To grant fair rewards distribution, the blockchain runs a reward structure reflecting everyone’s contribution.
Smart Media Token (SMT) is a native digital asset on the Steem blockchain. The token can be integrated into a web application and used to create incentives to engage users in using the platform and growing the community. Unlike other assets created through mining, STM is created by the scheduled witnesses, then distributed to the reward pull, which redistributes the rewards according to contribution.
Steem Live Price Chart
After the May 2021 bullish run that took the STM coin up to $1.26, the asset went down and lost more than 70% of its price in a matter of days, dipping to $0.94. Till the end of June, the token was bearish and continued losing value. After reaching the bottom of $0.21 the token became one of the first in the crypto market that started the recovery.
By the middle of July, SMT gained about 50% and was trading for $0.41, and after the short price correction continued to grow. On September 4 the token flew to $0.75 but was corrected soon enough and in one week was traded for $0.44.
The token attempted to gain more value at the end of November reaching $0.76 but has collapsed to $0.47 and continued in a moderate downtrend that lasted till the end of January. At that time the Steem crypto dipped to $0.29 and then stabilized around $0.3. At the end of March, the market started to show bullish signals and the STM coin managed to climb to $0.42.
From the beginning of April, the Steem coin was in a downtrend and some analysts were concerned that the coin will stay bearish. But according to the recent data, the SMT token broke the resistance level and showed bullish signs jumping to $0.59 on April 21. The experts expect the asset to skyrocket in the near future, reaching its new all-time high. At the same time, the STM price chart was also showng bearish signals which might lead to a price loss in the next week.