I've heard that theory before but I'm not convinced that is the case with these spikes and last night there was another one, which happened outside the Power Up Day activity. The last PUD was under $50,000 in value powered up and that's peanuts compared to the size of these spikes. I really don't think Hive PUD has any effect on Hive prices since it is so small in scale. These first week of the month price spikes are driven by over $500,000,000 in volume each time. The spike we saw last night was over $100,000,000.
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