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RE: With all the great attention Steemit is getting, why is the price going down?
The dilution rate on Steem is absolutely huge right now. Almost 1% per day. That's inevitably a lot of sell pressure at all times.
The dilution is just going to continue though. Won't that just keep putting more downward pressure on the price?
There will always be lots of sell pressure on liquid Steem yes, but the long term dilution rate is 0.19% per day, ie. 1/5 what it is today.