STEEM coin is up 180% in the last 24 hours for this reason!
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Answer STEEM coin is up 180% in the last 24 hours for this reason!
The price of the STEEM coin has increased by 180% in the past 24 hours following the news that Binance and Huobi will support the fork and hard fork of the STEEM blockchain and produce another called Hive.
Binance and Hubby will support Hive:
Hive will be a new blockchain that will be forked from the existing Steem blockchain.
The split and “hard fork” process will take place today, Friday, March 20, 2020.
Once the new network is published, cloned Steem accounts will appear on the Hive as well.
This means that Steem users will have two accounts at the same time.
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But these accounts will operate independently of each other and actions taken by users in Steem will not be reflected in their Hive accounts and vice versa.
Two of the largest trading platforms expressed their support for the split.
She said Binance will support the hard fork started by the Hive team and will distribute the new HIVE token to users who hold STEEM, meaning the stake will be 1:1.
Huobi also announced similar measures as Binance.
It is also important to note that Binance has explicitly stated that supporting the hard fork does not mean that it will list HIVE coin for trading.
For that to happen, its network must prove to be stable and strong, and it must pass a rigorous review process.
STEEM price hike:
On the other hand, the price of STEEM was rising as a result.
As the price rose from $0.17 to $0.47, more than double.
Recording an increase of 180% for a short period of time.
STEEM price fell from the top it reached but it is still trading positively higher.
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One possible reason for this could be people who want to participate in the HIVE network.
In addition to the opportunity to get free HIVE coins after getting STEEM coins before the split, which made the value of the coin jump higher.
As Binance will distribute these tokens 1:1, one can consider this as an opportunity to receive HIVE tokens.
Read also:
Binance CEO Admits to Participate in Acquisition of Steem
China reveals its new assessment of blockchain networks for early 2020… and EOS leads
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