Recently there was a price increase for most Altcoins, BTC surpassed $5,500 and Bianance and EOS were top gainers, but it's always shocking to see Steem remain in a spot or drop in price like right now. The screenshot above shows Steem price on Coin Market Cap at around 18:00 WAT, it has been hovering around 42 cents but it's dishearting to see this happen over and over again despite the potential and excellent features of the Steem Blockchain.
The question is, what could possibly be wrong? is there too much Steem in circulation or what?
Day and night i can't help check CoinMarketCap for Steem price feed, its one of the addictions or being an early adopter of Steem, or so i consider myself after over two years of consistently using the Steem Blockchain.
I have been thinking of various means to solve this problem, but i am not an expert and even the best Crypto-traders might get things wrong with the volatility of the Blockchain. Few of the things i was pondering on that might probably help in the rise in the price of Steem;
My first suggestion is if Steem could be disabled for Spending and just Steem Back Dollars is available, meaning people with a high volume of steem on Exchanges would be forced to convert their Steem to SBD. With this, a large percentage of Steem would be sucked out of circulation and price would be visibly affected. Since SBD was pegged at a Dollar, converting Steem to SBD for spending would force the price of SBD lower than the price of Steem.
Secondly, If Cross-Blockchain transactions could be implemented i.e. Steem holders could transact on Ethereum or EOS Blockchain, this is a used case that Whaleshares is currently adopting for EOS and Bitshares Holders and I strongly believe the same protocol would work for Steem, hence there will be a significant effect on its price.
My last suggestion is on a noob level, I'm thinking Steem holders spending and not spending a certain percentage of their token on a monthly basis and annually should be rewarded with airdrops/sharedrops. I want to believe this would reduce the rate of Steem in Circulation hence having effects on its price.
Remember that, when total volume in circulation exceeds the number being traded, the price might be affected, and also remember that its a speculative approach and something as volatile as cryptocurrencies are less predictable, therefore i strongly believe there are more technical approaches to solving the lingering dwindling price of Steem.