I was reading the Leo posts regarding to this in the last 2 days. I checked out the last year volume, happened a similar 1 month ago (450m/24h, the price went from $0.40 up to $0.65, then it fall back), a year ago, over $1.50 happened a 130m/24h) This one was over 850m/24h what looks wild. 2+ times the market cap. I still don't understand. When something like this happens in Fiat pairs, stock market, it happens usually because of 2 reasons: a billionaire philantrope, some funds want to legally steal money, simply, because they have enough assets to manipulate the market and pull out the small investors savings, investments, years long small profit, or they want to break it to the ground. Which one is it? Because sure, the last 2 within a month wasn't the community, nor some wealthy guys real, long term investment. or am i completely missed something Hive specific thing??? and i did not find a single post about it. If not, who did it and why? just at the beginning of my Hive adventure, for me, it is not a good sign, it can be manipulated so easily and wildly. It was way over 50x compare to average trading volume...
You are viewing a single comment's thread from:
This was likely a domino effect. I have seen this happen with several cryptocurrencies being a trader for 5 years. Some initial pump can get viral attention sometimes making more people trading it creating many opportunities for professional traders and whales to do quick day trades. I would consider this similar to a viral social media post. Sometimes things align to create a very favorable market for an asset. After some pump, some people are going to take their profits and get out and that creates a fall in price. We should simply expect more of similar events going forward.
!PIZZA
Take a look at a chart like this one on TradingView. The price goes up and down a lot and this volatility goes up during steep rises and falls in price. Day traders don't simply buy once and sell near the top. Some do that while others (especially trading bots) buy and sell many times every hour to maximize gains. More volatility leads to more opportunity to make profits day trading.