Blockchain technology is revolutionizing the world as we know it. While it has impacted finances the most, its wide range of applications is disrupting other industries as well. Converting XRP to BTC can provide decent profit potential, but some underdog coins actually offer much better opportunities.
Blockchain-based social media platforms like Steem provide an innovative way to decentralize this medium and fight censorship. STEEM is an often overlooked cryptocurrency that brings high utility to this niche.
This article will present you with the Steem platform mechanics and its native token STEEM. It will provide you with a technical price analysis from different reputable sources over the internet. The combination of these factors should give you a good idea of whether you should invest in STEEM in 2022.
Overview of STEEM
STEEM is a community-based blockchain platform that places itself as an alternative to centralized social media platforms like Facebook and Twitter. Its goal is to provide a censorship-free platform for sharing content, including text, media, music, and much more.
To achieve this, Steem runs on a decentralized ledger that can power social apps like its proprietary Steemit platform. As the main use case of the blockchain, Steemit allows users to share content and get rewards for their effort in the form of STEEM tokens.
Contributors on social media do not get their fair share of rewards compared to the revenue of the platforms themselves. YouTube, for example, takes a big chunk of the creator’s ad revenue. Moreover, centralized platforms are free to close and ban accounts for arbitrary reasons. This can disrupt the livelihood of professional content creators.
STEEM manages to address these issues by providing fair rewards to creators and offering them a censor-free platform. On Steemit, users can decide how much they want to pay for the content they consume and reward those that contribute the most. Stakeholders remain in control over their data and keep ownership of their content.
STEEM: Another No-Name Crypto or Underdog?
The STEEM cryptocurrency came into the markets in 2016, right before the bull market of 2017-2018. Consequently, the token experienced two considerable price rallies in those periods.
In 2016, the price surged from $0.25 to $4.3 but quickly dropped back under $0.1. However, it was in 2018 that STEEM experienced its most important price increase when the token price skyrocketed to $8.
That said, this rally was short-lived and during the bear market of 2019, price levels fell as low as $0.1 per token once again. In the latest bullish cycle, STEEM never managed to reclaim the past value, as the token reached market exhaustion at $1.2 in May 2021.
Currently, STEEM is trading around $0.25 per coin, with the bearish market adding even more selling pressure on holders.
STEEM: Statistical Predictions
STEEM is slowly losing its momentum. However, it’s interesting to see what crypto-experts think about their future price action.
Digitalcoinprice.com remains bullish on the platform and provides a steady growth forecast in the short and long term. For 2025, the website gives a maximum STEEM price of $0.54, more than double its current trading price. In the long term (2030), their experts provide targets above the $1 mark, expecting continuous growth over the years.
Priceprediction.net also believes that STEEM will survive the bear market we’re currently in. For the short term, they predict a price of $0.97 per token, whereas in 2030 they expect it to rise as high as $6.3.
Should I Purchase STEEM?
Considering the expert’s price predictions, Steem could be a low-risk investment for the long term. The price seems to have reached a bottom at around $0.2, which means there’s some considerable upside potential.
Following Price prediction, purchasing $1,000 worth of STEEM now could equate to more than $25,000 in 2030. So, if you are willing to hold the coin for that long, the investment could certainly be worth your while.
In case you wish to exit your investment, however, you can exchange STEEM to ETH using the Godex.io anonymous crypto exchange.