I am sure you are all well aware of HIVE going up in price this morning a healthy 40% or so and now slowly retracting to around 23% which is expected. I was expecting the South Koreans to come and play like they used to do and it must be profitable otherwise they would not be doing this. How can we forget how they helped HIVE hit $3.41 back in November of 2021 which is also the ATH.
This price pump is not because HIVE has developed some new app or it is undervalued and this is just a way for traders to make quick profit however they do this. This was a twice monthly occurrence during the last Bull cycle so seeing this happen is a definite positive.
I have not paid much attention to where the HIVE volume has been of late and it is great to see not one or two, but 4 exchanges having decent volumes for HIVE. Upbit based in S. Korea with a 51% in increased volume is where this pump was driven from with Binance jumping on the band wagon up by 17% today.
This is actually good news because this is not 100% reliant on the Koreans to pump HIVE and we now have back up once it is started. I can recall tracking the pumps with HIVE a few years ago and there is definitely a pattern. This being the first for a very long time could be a test run and I do expect more to follow later this week. Don't quote me on this but if memory serves me right the pumps were 3 days apart so maybe Thursday/Friday would be good to pay attention.
HIVE for some reason is a good coin to manipulate the price and is probably more down to low volumes being able to move the price. Having the extra exchanges with decent volumes is a bonus this time around and the chances are the spikes could be significant swings which will hopefully grow our base price.
This is all good news for HIVE that the pumps are back because each time in the past we remained higher than the starting point regarding price after the pump and dump had concluded. A dream scenario if we can grow our base price before the market comes back to life as this would give HIVE a head start.
It was not that long ago we had so much negativity around HIVE with many saying we would never see the ATH ever again and one must have an open mind and some patience. With a HIVE/USDT perpetual on Binance Futures with up to a 75 x leverage anything is possible. I am no trader so I am not sure how this all works, but with Binance offering HIVE a decent APR because they need the liquidity on offer. Exchanges make money from trades so offering an extra 5 or 10% may make no sense, but it is clear when there is price swings like now they make their money back and far more. $19.1 million in HIVE over the last 24 hours is good news as HIVE is back on the radar again.
I am no fan of the pump and dump and wish HIVE was recognized for what it offers as a blockchain instead. At least HIVE is in the news and any news is good news.