One of the three currencies which fuel the Steemit blockchain-based social media site, Steem (STEEM) gained 22% in the previous two days. Despite the increased price movement in January, monthly visitors and unique account creations continue to plumb new yearly lows on the Steemit social media website.
STEEM’s recovery has been slow in coming – the coin gained 43% from December into January, however most of that came in the last forty-eight hours. Compare that to major and mid-cap altcoins such as Tron (TRX), Zilliqa (ZIL) and Augur (REP) which gained over 100% in that time, and you see a major discrepancy.
From Monday through to Wednesday STEEM went on a 22% run which carried the coin price from $0.249836 up to $0.306033. Trades against Korean won on the Upbit exchange accounted for more than 40% of the day’s trades, or around $1.2 million of the $2.7 million daily total.
Steemit Cools Down
After suffering the indignity of laying off a majority of its staff back in November, Steemit continues to hold on despite plummeting numbers.
Remarkably, the Steemit social media site lost almost 20 million monthly visitors in the last six months – a 61% drop off from the 30.8 million visitors in July, to the current 11.9 monthly visitors according to SimilarWeb. New account creations are also down 83% in the last six days alone, however statistics show that new users tend to flood in whenever the coin price pumps – even if just for a brief time.
CCN reported back in May of 2018 that Steemit had surpassed one million accounts created on the blockchain. This was a startling figure at the time, and grabbed a lot of headlines. However, Steemit statistics from the time suggest the number of unique users was actually much less – closer to 150,000 according to this chart from Steemit’s @arcange.
Follow the Money
The same chart shows that January of 2018 remains Steemit’s most successful month. The site gained close to 120,000 new users in the sixty days leading up to January’s all-time high, when the coin price climbed as high as $8.57.
As the coin fell to a twenty-month low in December, unique accounts on the blockchain also fell to eighteen-month lows in the process. A major increase to new account creations was seen on January 9th, as STEEM went on a similar 23% price spike, and 4,108 new users flocked to Steemit in one day.
By six days later, new registrations had fallen back to 695 per day, as STEEM’s gains from the previous few days were wiped out.
Steemit launched back in early 2016, and has divided opinion since its inception. Check out this recent primer for an up to date summary of Steemit and its features.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.