STEEM's price has risen 140% today before returning on the news that Binance and Huobi will support the hardfork to split the blockchain and produce another called Hive. How reported Hardwaresfera, Hive will be a new blockchain that will fork from the existing Steem code. It should take place tomorrow, Friday the 20th.
Once the network is activated, existing Steem accounts will also appear on Hive. This means that Steem users will have two accounts with the same history. However, those accounts will work independently of each other - actions taken by users on Steem will not be reflected in their accounts on Hive and vice versa.
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Binance and Huobi to support Hive and STEEM price skyrockets
Two giant crypto exchanges have already voiced their support for the fork. Binance said that will support the fork initiated by the Hive team and «will distribute the new HIVE token to users who have STEEM«. The ration will be 1:1. Huobi announced measures similar to these.
It is also important to note that Binance explicitly outlined that supporting the hardfork does not mean that it would list HIVE for trading. For this to happen, your network needs to prove stable and robust, and it must pass its strict review process.
This has caused the price of STEEM to rise as a result. Starting the day at around $ 0.13, it spiked to over $ 0.30, marking an increase of over 140% for a brief moment.
Naturally, the price fell afterwards, but it is still trading at a good rise. One of the possible reasons for this would be for people who want to participate in the HIVE network. Since Binance will distribute these tokens 1: 1, one could consider this an opportunity to receive HIVE tokens. It is interesting to see how this would play out in the future and whether HIVE will see a list or not.
