Steem token price surged 160% within 24 hours after news circulating a group of developers are planning to escape Justin Sun‘s grip after the community accused him on a hostile takeover. A hard fork is schedule to occur tomorrow (Friday, March 20, 2020, 10am Eastern Time) on the Hive network.
Steem token was trading around $0.10-$0.15 before the current price surge, according to CryptoZink Live Price Tracker. However, today’s price stands at $0.3062, at the time of this writing.
What is Hive Network?
A developer from SteemPeak, Steem’s front-end user interface describes Hive Network as follow:
“Hive is a DPOS [Delegated Proof of Stake] governance blockchain created by implementing a hard fork of existing Steem code. This new direction steps away from the burden of the Steemit Inc.”
Which cryotocurrency exchanges supporting Steem token hard fork?
Huobi and Binance, two of the world’s most popular cryptocurrency exchanges already announced they support the Steem token hard fork. Tokens holders will receive 1:1 token ratio.
Related: Steem Hard Fork Planned Friday to Take Flight from Justin Sun’s Steemit Hostile Takeover
However, both exchanges will temporarily suspend trading and withdrawing tomorrow before the event. Huobi posted an official announcement on their website here.
Meanwhile, Justin Sun is making social media rounds defending himself from “Steem hostile takeover” accusations. He retweeted a post made by a user with the handle @TomBloke against the hard fork.
Exactly and that’s why the new Steem:Hive fork cannot be trusted. Its creators do not understand the most fundamental rules of crypto and private property. They have acted more tyranically than the governments that made us to create crypto in the first place.
— TronBloke (@TronBloke) March 19, 2020
Is a Steem token dump imminent after the hard fork is over? Share your thoughts with the community using the comment section below.
Faith Obafemim tech lawyer, digital content consultant, blockchain & crypto researcher, emerging tech tech writer. She is currently doing research on the implementation of the African Continental Free Trade Agreement (AfCFTA) on the blockchain and recommending Kleros as a dispute resolution layer.
