Steem Total Value Powered Up - $74 million - August 13, 2021

in #steem5 months ago

This is next in my series of posts reviewing the amount and value of powered up STEEM on the Steem blockchain. For previous posts, see the end of this entry.

Noteworthy this week, the number of powered-up STEEM tokens has reached new highs (since April 10) for the last 30 consecutive days. The number, percent, and modeled value have all moved up a bit since last week's post, and the modeled USD value of powered-up STEEM is currently at a value that had not been logged since May 27.


In the comments last week, @sagor5828 predicted:

Probable Steem Total Value Powered Up - $72 million -
will August 13, 2021😊

Not too far off! When the automatic download happened this afternoon, the value was $72,247,635.93. And here are the numbers as of a few minutes ago.

Total value locked in powered-up STEEM (USD): $74,060,237.77
STEEM market cap $217,621,453.903

Locked value in terms of other tokens:

tokenpricelocked_value equivalent
tron0.09829,750,804
steem-dollars7.819,482,744
bitcoin47,607.001,555
ethereum3,306.6022,397
litecoin183.44403,730
steem0.56131,875,051

And here are the charts, based on data collected daily since April 10.

VESTED STEEM

After July 14, 30 consecutive new highs since tracking began in April.

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Value of powered-up STEEM in terms of USD

Up by somewhere around 10% since last week in terms of modeled USD value. This continues an up-trend since lows in late June.

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Value of powered-up STEEM in terms of tron (TRX)

In terms of TRX, the value of powered-up STEEM is down from last week, but still in the familiar 800 million to 1 billion channel.

image.png

Value of powered-up STEEM in terms of Steem Dollars

In relation to SBD, the modeled value of powered-up STEEM is continuing a general up-trend that began in late June.

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Value of powered-up STEEM as a percentage of Steem's market cap

As a percentage of market capitalization, the modeled value of powered-up STEEM has been above 1/3 for 20 consecutive days. It broke above 34% two days ago, then dropped into the high 33s. When I collected the numbers for this post, it was back above 34% again (34.03).

image.png

Value of powered-up STEEM in terms of bitcoin (BTC)

Basically flat in relation to BTC.

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Value of powered-up STEEM in terms of ethereum

Down slightly in relation to ETH.

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Value of powered-up STEEM in terms of litecoin

Down by about 10% in terms of LTC.

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Why does it matter?

Here's a comment on last week's post from @famigliacurione:

I have been noticing that these posts generate a lot of attention and comments lately, and so I'm finally stopping by to see what all the excitement is about. Yes, I know it's important as an individual to Power Up because it allows for better voting value, and you gain interest on staked token, but I never thought about what value all of this Powering Up has globally. Is there a benefit, beyond the individual one?

And here is how I answered:

My opinion is that it's a mix of benefits and drawbacks, depending on whether you're a voter or an author.

I think the main reason people promote powering up is that when more STEEM is powered up, that means the supply of liquid STEEM is lower, which should drive up the price of STEEM on the exchanges.

I don't know if that has been empirically demonstrated, though, and it's a little like playing "musical chairs", because you don't benefit from the higher prices until you power down.

Additionally, I think a couple less favorable side-effects are that when more STEEM is powered up, the interest rate goes down and there is more competition for curation rewards.

On the other hand, for authors, I guess if more people power up more STEEM (and use it for voting), it's probably easier for your content to get found and rewarded.

Personally, I like to keep an eye on it because I think it reflects the confidence that people have in the blockchain.

What are your thoughts on the above question from @famigliacurione?

Notes
  • Reference prices for STEEM and other tokens are downloaded from coingecko.com
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I like the idea of powering up and the price increasing, then people will post more to earn Steem.

When i refresh my wallet after a few hours i am happy with the inflation increase.

thanks for posting this

Thanks for the reply!

I like the idea of powering up and the price increasing, then people will post more to earn Steem.

Good point. By powering up and voting, stakeholders might be cultivating more, and better, content creation.

Thanks for covering this in your video. I enjoyed listening.

I also think that "response posts", addressing topics from different perspectives, will help Steem grow and attract a bigger audience because it represents a higher order of creativity than if authors are creating purely independent content.

Then my prediction was right. Hahaha!

Steem keeps making progress. That is good to know. SBD, likewise, is slowly approaching $9. Better days ahead for sure.

Next week prediction, Steem Total Value Powered Up - $83 million - August 20, 2021😊

Cryptocurrencies are gaining momentum. BTC is approaching $50k, SBD has exceeded $8, and Steem is hovering around $0.60. Hopefully, there will be good times in the coming days.

we have to keep the good work of powering up, it will bright our future.

As much steem will be staked, the price will be high. So we all should stake more steem.

It is good that Steem and SBD are on the rise that transmits confidence and benefits us all. Greetings.

I like to trade with steem. And i consider it a good coin for trading.

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