What gives value in these conditions? Network effect! Governance? Yes but there needs to be an underlying network to be governed, the more robust the network the more valuable the token. Price is completely irrelevant at the moment, it will go down even more if BTC will go up and it doesn't reflect anything about the network. Give up these habits from traditional markets.
The problem with Hive is the fact this technology is so revolutionary, nobody knows how to refer to this. Jaron Lanier speaks about mids, the entities that allow grouping people and allowing them to extract value from their own data. But this is just foggy close to the Hive idea. Decentralized social media? Hive started to but much more than that. If Hive it's supposed to but a successful economy on its own, it needs a much more robust network effect to occur.
It's too much praising the Hive for what it possibly can be, I'd love to see more ideas aiming to understand and market the whole thing before someone else will do the same thing.