The reason Hive attempted another pump
This is the fourth attempt to get lift-off since 13th November. Here is the chart:
I've been trying to work out why it's pumping at such odd intervals. Searching twitter aka X, I found the following:
https://x.com/greenstocknews/status/1866077430286520725
Note the date: December 9th 2024, which coincides with that huge spike in the Hive coin chart that briefly made Hive's price touch 45 cents.
Hive Digital Technologies Ltd used to be called Hive Blockchain Technologies Ltd, and was founded in 2017 - so way before this chain forked from Steem in 2020.
It's a Canadian crypto mining company and is listed on the NASDAQ as HIVE,
When news about this business is posted on X, they naturally use the hashtag #Hive. But Hive coin uses the same hashtag on X. So speculators are getting confused. Especially as their logo has six sides too.
Doing some more investigation on X, it appears their business holds 2,700 bitcoins, which is not bad (I think they mined them).
On Dec 19th they put out this video about how their goal is to be 2% of the world's bitcoin supply. Which obviously excited people to pump Hive coin (while the NASDAQ is closed for the weekend).
https://x.com/HIVEDigitalTech/status/1869777321416413679
Why did the people who forked this coin from Steem name it after an existing crypto business? Were they trying to piggy back on another company's success? Whatever the intentions, Hive (the coin) is now responding to news of a separate business. While the actual Hive company listed on the Nasdaq is not doing so great.