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I've been watching the Hive price lately and it still seems like an enigma to me. I'm not a trader or a chart watcher but I do see price.
Last week we saw hive run up close to $1 for no apparent reason and everyone was excited. I'm sure many took profit. I tried to but sold way to early. I could never figure out why this happened.
Had Hive become more attractive to investors? Probably not. Had there been some development on the blockchain that would make it better than any other blockchain out there? Doubt it?
So what happened? I don't know but I would love some answers in the comments. It looked to me that there was a market maker pulling all the strings.
Now we see the price slowly correcting. But correcting to what? The price is down 10% today and again I can't put my finger on a reason. I mean all things considered $.33 isn't bad. It's much higher than were we started and I don't see much community growth from outsiders.
But maybe $.33 on a down day is a good sign. Maybe it shows that, even though I can't be sure, there is a community gathering steam and making a push from launch to orbit.
That is the hardest thing to do regarding a new platform. Anyone can launch, but can it be pushed to orbit and how is that done? I've yet to see an action plan but maybe it exists and it is being executed by hive members around the world.
For me, it still feels like I'm posting to a ghost town and that is ok at the beginning. I'm not personally concerned for myself. However, I do wonder the effect on a new member trying to find their voice and a reason to be here.
Again, I'd love to hear thoughts in the comments. I'm interested in the justifications of the price.
There was a reason.. Huobi had a contest
https://huobiglobal.zendesk.com/hc/en-us/articles/900000687166--EXCLUSIVE-Deposit-HIVE-on-Huobi-Global-to-Share-100-000-HIVE-
Yikes! Thanks for commenting. I had heard about that but if that can pump the price several hundred percent it seems we are nothing but a shit coin so lol.
There was a variety of reasons for this. The listing on a number of exchanges opened things up for people. Huobi's contest attracted some attention.
A lot of the sell off is likely from people who received the airdrop on Binance. They opened up their tokens to people meaning many who bought Steem to get the airdrop were able to cash out.
It will take a little while to do some true price discovery.
Posted Using LeoFinance
I really felt for the people trapped in binance that couldn't sell at the top. Must have been frustrating. I've still wavering on Hive. There is a lot of work to be done to make it appealing for people to use. I hope for the best. It seems steemit is quite dead for now but I expect something will eventually happen over there as well.