Steem is not only a 1,000 times undervalued as compared to bitcoin, but one of the very few that has a real world utilization beyond just trading on the exchanges. Here’s a look at the influencers on Steemit.
First things first. Does a blockchain become valuable based on the speculative buying and selling activity on exchanges, or should there be some meaningful utilization?
A lot of blockchains out there have a lot of volume on the exchanges but have very poor real utilization.
Steem is one of the most active blockchains. But looking at its current market cap, comes out as one of the most undervalued blockchains out there.
Based on its real utilization as measured by daily operations it is more than 1000 times undervalued compared to bitcoin.
Well, the original aim of this study was researching and presenting some meaningful statistics on Steem influencers, rather Steemit influencers, essentially because none of our searches revealed anything that we could live with. But before presenting our analysis I couldn’t stop myself from stating a thing or two about value of a blockchain based on its exchange volume (transactions) vs utilization (operations), and how undervalued Steem is, from a real utilization perspective. This is also relevant as it further adds to the worth of the top Steemit whales.
Steemit.com has a litter over 1.2 Million users, and a current total market cap of about $100 Million (Steem + SBD). 75% of the market cap comes from just 200 influencers.
However, if we narrow it down to the top 10, more than half of the total market cap is held by just 10 Steemit accounts, $54 Million to be precise. If we further look into these top 10 influencers, five of them are leading cryptocurrency exchanges whose influence is worth a whooping $29 Million.
We all know, cryptocurrency exchanges play a key role in success of any blockchain that they have a vested interest in. They not only list and promote the token, but control the pump and dump to a large extent.
Let not bears scare you. Steem is not only a 1,000 times undervalued as compared to bitcoin, but one of the very few that has a real world utilization. It’s not just a crypto asset like the rest that hardly has any role beyond speculative trading. More importantly, when leading exchanges have a major stake in Steem, rest assure, they will not let their assets be mauled by the bears of the crypto-winter.
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