Maybe if I had had in my portfolio some meme coins going up 10x or more in a short while, I would have felt FOMO until now. But nope...
I liked it when BTC reached 100k (crossed it again today), but that was sort of a given. I was excited when HIVE finally woke up and started to go up, but that wasn't FOMO.
Well, today it was... I have seen the 26%+ increase in the price of HIVE, and yes, I caught it when it was at the top. By all indications, it was started from "our friends" from Upbit. But unlike all other times, I didn't sell any HIVE on the way down to make what other times would have been a sure intra-day profit.
Why not? Well, for several reasons... HiveDex hasn't been working properly for a while, and therefore I watched alternatively the market on Hive Blog and the chart of HIVE on CMC for HIVE/USDT on Binance. If I had still been using Binance, I would have sold HIVE there, at almost 0.42 (let's say 0.415), and buy it back on the internal market at 0.375 or whatever I could have caught it at. That was at least 10% difference to arbitrage. Not as much of a difference anymore, but still... Then there was some expectation for the price to move to a lower level after the pump, but I wouldn't bet on it this time around. Or the risk is quite high that it won't happen as people expect.
I watched the transactions on the internal market for a good while in the morning, and I can tell you, there a big buyer who doesn't care much about the price, they want the liquidity. They hit sell orders of above 5k and 10k HIVE without blinking at some point. That of course doesn't mean much in dollar amounts for someone who has the funds, but it was unusual until recently on our internal market, from my observations.
I suspect we are not talking only about Koreans here, except maybe at the beginning. We are talking about someone else, maybe connected to Dash, maybe who has seen the recent advertising push from Inleo and Dash, and understands Hive is the layer 1 chain that Inleo uses.
That's what gave me FOMO. That's why I couldn't hit the sell button, even if I caught the top. I wasn't sure I would be able to buy back at a lower price. Every time I sort of made up my mind, the buyer hit the sell orders on the internal market and up to 10k vanished in a matter of minutes.
Currently, the price on Binance is 0.3945, which is above a strong resistance. The price on the internal market is still way behind at 0.376, but better than a few hours ago, meaning the gap is closing.
I don't regularly check the daily volume on the internal market, but $200k seems reasonable:
Note that there is only 75k HIVE on the sell side till after 50 cents, even if it looks way more than the buy side. But both sides are stuffed with higher orders than not long ago. Right now, both sides seem to be calmer than in the morning though...
Of course, it doesn't compare to this:
$366m volume on CEXes, 5000% more than the previous 24 hours...