$1 Hive is FUD, SPS airdrop and Bulish Thoughts
I was asleep when hive crossed the 70 cents mark and I woke up this morning to a lot of excited Hive people on Twitter. I completely understand the excitement but I was a bit more pensive than anything else.
For what it's worth, I understand that in the current state of the market, any pump is often cause for excitement. Alas, this pump even got Hive into the top 100 coins and that was pretty nice to see.
Right now, virtually everything is in the red zone, so a minor pump could really push you up the ranks.
At a fully diluted market cap of $283,505,304, Hive enters the top 100 but again, it really should be much higher than it is.
During my usual crypto rounds, I also noticed some of the bullish statements about hive were somewhat misconstrued.
This CMC in the comment section is quite bullish about Hive because of "Blockscale ASIC miners". I reckon the person is confusing Hive with the other Hive blockchain that is a mining company. For whatever little it is worth, at least the user mentioned that hive has a lot of Dapps.
$1 Hive
At the current price, I doubt there will be a lot of people excited about taking profit. Perhaps traders and a couple of noobs in the system but if you've been around for at least one year, you'll know that there's nothing special about the current price.
Again, I need to add that I'm pleased by the pump and considering the price of Bitcoin, I guess we could say this is huge but anything less than $1 Hive feels kind of depressing to me.
Don't get me wrong, I was around when hive was trading below 20 cents and back then I use to fantasize about times like these but we're moving forward and I feel like we can be much better than we are.
There are so many investment opportunities on hive and as I see it, a win for any of them often trickles up the ladder and positively affects the price of Hive. What I mean is that assuming SPS experiences a dramatic pump, Hive will somehow benefit from the pump.
For me, this minor pump doesn't change much about my activities in the second layer. I'm still slowly redirecting some of my hive towards my favourite second layer projects.
End of SPS airdrop
Every day brings us closer to the end of the SPS airdrop and I keep wondering how this might affect the price of Splinterlands assets.
A big part of all the pumps in Splinterlands ecosystem was due to the airdrop. The increase in demand for virtually every asset in the game led to a major explosion in the price of assets.
At the time of writing, there are only 28 days of airdrop and when the airdrop ends, what could this mean for the price of every other asset in the game?
I don't think asset prices will experience any dramatic drop because Splinterlands has become even more rewarding and most players/investors will not be dumping their assets anytime soon.
There's also the fact that Splinterlands is really crowded these days. The internal demand for monsters will ensure the price of assets doesn't drop as much.
Unlike monsters and DEC, SPS airdrop will now become even scarcer than before due to the end of the airdrop.
Unlike the airdrop period, any SPS you earn will have to be earned. Whether it is through validator licenses, staking or ranked battles, all SPS will have to be farmed.
I reckon that the sell pressure of SPS will reduce and more SPS will eventually get staked. Right now, 53% of SPS is staked and I think a lot more will be staked in the near future.
Final thoughts.
I'm happy about the Hive pump because there's something special about it. @acidyo Tweeted that
There is something special about this #hive pump, not just that the rest of the market is heading in the opposite direction but also that #steem isn't pumping.
Love to see it.
We're seeing a great decoupling from not just Steem but the general crypto market, as Bitcoin dumps below $20K and Hive tend to $1. Even though $1 is FUD, it is still a nice round figure that I reckon we should retain in a bear market.
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Was about time, makes me think we're not just too early in the space but often also too early to market movements and they often lag behind hard.
The biggest one to still lag behind would be ETH as I think it should be way past Bitcoin by now, but oh well, all in due time I guess. Another great thing is ETH going somewhat PoS and a little more similar to Hive which will validate our governance a lot more.
When ETH eventually flips Bitcoin, I want to be sitting next to one of those die-hard Bitcoin Maxis. It will be a huge victory for DPoS networks. All Hive has to do for now is continue building
HIVE certainly is taking a different direction compared to BTC/market these last few days, which is odd noting that its been following BTC and the market generally for quite a few months. I wonder what has changed ?
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People say it is the Koreans that are pumping it
Yeah, been wondering the same about the price of splinterlands assets once the airdrop is over. Agreed, $0.70 is not very exciting for Hive!
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Time will tell. Only 28 days to go.
!1UP
Wake me up when Hive passes a buck again. Scratch that, wake me when it passes $10. I've been here for 4 years now and I ain't selling for just some minor pump. haha
I have to think SPS will go up after the airdrop ends. Especially when we consider that the next set will only accept SPS to buy.
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Hive at $10 would be so awesome man. We'd be top 10 crypto at that point, a place that I think we deserve to be in, if we were being honest,
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no doubt that this upward movement of Hive is very good for everyone, I think that pumping has an important element for the economy and I hope that it will also reach the historical maximum and consolidate hive as the cryptocurrency that it is .
It's said we should be getting some updates about future SPS releases from the white paper come shortly after the airdrop ends. However I already know the amount of SPS being added is going to drop significantly even if they opened up ALL other methods. We are just about 1/3 of the way into the total minting of SPS.
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Hive is getting better and better everyday which is a good thing and let see what will happen this bull market
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I guess it's easy to mistake the hive mining company for hive blockchain....I found it confusing when I was first researching the chain too....but it sucks to be the guy that posted that
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Btc is in danger and might drag the whole market with it, didnt have funds too buy more hive but stull is hoping from price too drop, so i can get at least 1k hive powered up before the market moves
Don’t lie to me bro 😎! I know you are selling some HIVE at these prices 😂
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LoL no lie bro, I didn't sell 😄.
I used some Hive to buy SPS and placed a POSH buy order but I didn't sell
Everyone is hold way too hard.
There is a liquidity in the exchange.
Hive at $5 will be the major target but I am not certain we can expect it too soon
!BEER
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Yeah it won't come now but it is close. $5 hive will be epic.
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BEER.Lol that we are still getting mixed up with that BTC mining company.
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The pump is a good tell tell sign, Hive is positioned strongly for the bear market. As you rightly put it any pump is good news given the season we are currently in.
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