The Steemit platform has been awash with both joy and panic in the last few hours as the value of Steem Dollars (SBD) jumps 340% in the last five hours.
The panic stems from the fact that all of the purchases of SBD are coming from the HitBTC exchange alone – where SBD reached a price of $36 – compared to the Bittrex price of $1.68.
Steem Dollars are one of the currencies which the Steemit platform pays out to its users, and some Steemit members are running to count their profits already.
However, all of the chatter in the last few hours suggests we’re witnessing the upswing of a pump and dump. The Steemit platform hasn’t even registered the price gain of HitBTC’s SBD/BTC trading pair, and it’s unlikely they’ll do so until they see what happens.
This has left some Steemit users desperately trying to sell their SBD holdings at a 340% gain, while others are just hoping that the expected dump doesn’t wreak too much havoc on their social media platform.
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