One of the selling pressures on STEEM is temporarily paused. Unfortunately I think its not possible to quantify the effect of this 1 month experiment, but at least in principle, it should slow down the depreciation of STEEM.
For the time being, this leaves us with with just two natural sellers:
- beneficiaries of STEEM inflation (witnesses and the rewards pool recipients)
- random token holders churning out due to the continued altcoin bear market
Can the believers and speculators absorb the selling, and perhaps reverse the price trend?