Great analysis. I think exactly the same as you. Useless coins are far ahead of Hive in terms of market value. Also, Hive's inflation is low compared to others.
Upbit whales own most of the hive. Hive price will be whatever they want.
Witnesses can be a little more active. There are witnesses who have only shared 1-2 posts over the years. They can add more value to the chain.
Hive is a mixed world, that's for sure. What I find odd about the whales who have a hefty power of decision is that they don't seem inclined towards investing or supporting professional marketing for Hive. The DHF could be used wisely in this regard imo.