Yes I agree that is fishy. The deposits are locked, and so it's only the SBD currently on the exchange that is being traded - for as high at 70/80$, crazy!
I'm watching with interest though, it's a funny old game :)
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Any practical purpose for doing it? It doesn't seem to be affecting the Steemit's internal exchange any. And why would people go that high on one exchange if everywhere else it's so much lower? This must have been organized. It just doesn't make any sense from the perspective of a veteran crypto investor, does it? Unless you're leading it, I guess.