Curious STEEM Price Increase & 24 Hr Volume

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I was taking a look at CoinGecko and noticed the oddest thing. STEEM price increased the 2nd most of any coin in the last week (probably Justin's hostile takeover continuing) and more interestingly, somehow the 24 hour volume is more than the entire STEEM market cap.

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How is that even possible?

Coinmarketcap has slightly different numbers for both 24 hr volume and total marketcap, but the 24 hr is still higher than what is supposedly the total supply of the coin.

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Doesn't that suggest that more STEEM traded hands than exists?

Is it counting the same coins moving to one person then another, over and over among the portion of STEEM that isn't already powered up? So then the price of one coin is counted in volume many times?

It seems most of the buying is being done by Koreans, I guess trying to increase their stake in HIVE token before the snapshot tomorrow morning. At least I presume that's who's buying with KRW, and the reason they would want it.

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Your thoughts on what's going on here?

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9 comments
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First time ever that steem is number 1 gainer in the top 100 coins by a long shot.

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I hope they keep buying all through my powerdown

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Me too! But I wonder, are they more interested in power on STEEM or more interested in power on HIVE? If the latter, they only need to buy before the snapshot is taken to double more coins.

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24 hour volume is more than the entire STEEM market cap.

Err! How is it possible :(

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