Steemit,Inc just announced they would be halting the programmatic selling of steem
While this is just a suspension of the selling program for the month and not an outright termination of the program, it is very interesting never the less.
More about the announcement can be seen here:
Why is this so interesting?
Well, on the surface it is interesting because it likely means less supply flooding the exchanges over the next several weeks.
Which, may help steem come up for air a bit.
Digging a bit deeper, it may have much further reaching implications.
Back in July when @elipowell of the Steemit Team put out this financial update...
Many looked at that Ad Revenue generated in June (of close to $100k) as most likely a one-off event.
Meaning they didn't think it was a number that they could continually generate month after month.
And who knows, maybe they were/are right...
However, the fact that they are able to halt the programmatic selling right now likely means they are continuing to generate very healthy revenue.
Which in the long run is very good for steem.
Steem and Steemit appear to be turning a significant corner
If Steemit,Inc can be completely self funding without selling off their stake, they can perhaps save that stake for something else more useful down the road.
Say, something like a partnership with a large company looking to get set up on steem, or any other number of potentially value adding initiatives.
Either way, this is great news for steem and great news for steemit.com.
Looking forward to see what can happen to the price of steem as new things continue to get built on it and the selling from steemit,inc continues to slow down.
Stay informed my friends.