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The price of Steem jumped over 17% based on the rumor that Justin Sun of Tron (TRX) had offered to buy Steemit. At this point the buyout is only a rumor, but that did not stop the price of Steem from rising over 17%. The price has stabilized to an approximate 10% gain as the rumor has not been confirmed.
The Steemit platform is a unique blogging platform that is full of crypto savvy bloggers who use the blockchain to post content for pay. Bloggers are paid in Steem which can then be sold or used to “power up” their Steem account.
Justin Sun has both a strong social media presence and an active community. The combination of this community with the Steemit community could be an interesting dynamic in the crypto world.