I saw an unpopular opinion on YouTube that Steemit whales were buying SBD's on bulk to increase the value of SBD so that can Steemians trade SBD for Steem on the internal market. This way, the whales are pumping Steem price indirectly which is growing their Steem profit, can't proof this but it makes sense.
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Makes sense but if that was going on we should have the data to prove it. Also why Upbit and KRW then? Also, someone would already be blowing the whistle on it.
Maybe those whales are from Korea and they are using their favorite Korean market, if that's the case then they are off Steemit, holding their Steem on the market and not on Steemit, this way we can never know who they are, what a conspiracy theory ha? :D