Wow, HIVE, What a Nice Surprise!
I didn't open my laptop until the afternoon today, since I had other things to do offline first. I should have checked the price of HIVE in the morning... But I didn't.
HIVE simply went straight up to 33 cents, for a 53.5% gain intra-day at some point, for a short while. At the time of writing, it's still 23% up. I'm using prices on the internal market, by the way, even though the pump was initiated and controlled from the Korean exchange Upbit, with 80% of the trading volume (from CMC) or 73% and in the warning category from Coingecko. CMC says we have a 453m USD trading volume in the last 24h, Coingecko says 426m USD. Both impressive, even if different. About 30-35% more trading volume in the last 24h than Cronos (CRO), for example, which is 25th by markep cap.
We are familiar with these kind of pumps but haven't seen them lately as often. Maybe they needed the right sentiment to push them again. Unfortunately, price rarely stays at a higher level after these pumps. so I sold most of my liquid HIVE into HBD, expecting to buy them back lower.
As a confirmation of what I said above, the intra-day gain dropped from 23% as it was toward the beginning of this post to 17% now:
Of course, one can ignore these P&D, and at the end of them, we would usually be in around the same situation as the start of them, but if we are in the position to take advantage of them, especially on the way down since it is almost impossible on the way up, I don't see why not. They will happen almost like clockwork with or without us selling HIVE on the way down and then buying it back at the end of it.
How do you deal with these Korean pumps?
- Ignore them
- Take advantage of them if you are in the position to do it (have liquid HIVE and catch them at the right time)
- Prepare for them (keep some liquid HIVE, maybe go deeper into analyzing their activity, etc.)
I used to keep some liquid HIVE for them and know almost instantly when a pump is pushed from Upbit, even without checking the trading volume (just by looking at the hourly trading). But since they started being rarer, I powered up most of it. Now it was simple luck that I had some HIVE purchased recently with my HBD author rewards.
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After Hive was pumped so hard, the price dropped sharply again. Daily volume increased almost 200 times, reaching a gigantic size. Why shouldn't there be a new pump in the coming days?
Nothing says it won't. It seems Hive slowly moves up with the alts, even if we disregard these pumps.
@tipu curate
Upvoted 👌 (Mana: 5/45) Liquid rewards.
Thanks!
It was a pleasant surprise and I used it to invest in @holozing. You should get some affiliate reward from my purchase.
Awesome! I'm glad you were able to make your first purchase in Holozing. Sent you back 50% of the referral commission.😉 I'll need my HBD author rewards to do the same for @relf87.
That's nice of you! :)
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That was unexpected. Thank you!
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It's weird to see the pump, but we will know if it lasts in a few days when the price stabilizes. It is rare though, but I thought the Koreans were delisting Hive? Or am I wrong as I remember seeing some posts a long time ago about it.
That's true. But as much as P&D may not be very healthy for a coin, they are hard to avoid for a small cap, especially when they come from a closed group who controls a lot of liquid coins. So, at least we should take advantage ourselves, if we can. With the limited liquidity I had without pulling out of diesel pools, I made about 40 HIVE on these trades, or about 18.5% in a day, practically sure thing.
It was a totally invented list of tokens that circulated among the Koreans. Later proven so. And not the first time it happened either.
That was a nice suprise this morning, it has been a while. Although I dont keep much liquid Hive to be able to do anything about it. I remember when they used to be quite frequent, so keeping some spare Hive was always worthwhile.
It was pretty lucky for me to have a little liquid Hive. In the past, I kept some liquid for this kind of pumps, but they aren't so often anymore, and I either powered them up or they are in some pretty good diesel pools right now.
A lot of people fail to understand that Hive going up will not only be an internal thing. With BTC hitting 89k the incentive and the sentiment to start these pumps that kickstart things are always there.
While it's shortlived, the truth is that these pumps are more emotionally than altruistically needed. When emotions are good, people feel FOMO and that's what we need right now
Emotions play a role for sure. Also, at some point the undervalued alts with strong fundamentals will be sought out, for more than a quick hit.
I used to do that type of trading. Trade hive for hbd if hive's price rises and the other way round if it falls. But I would buy or sell only after a significant bullish/bearish move. I made some handsome profits back then. I think hive will do better in the coming weeks. Maybe next year might see it up to $3-5. Thanks for writing.
Why not? A little over $3 was the ATH last cycle. But the ATHs pass very quickly for low alts, usually.
haha indeed it was a great surprise, i actually expected such a move because as u can c the market is doing crazy good btc near 90k & it's expected that the post trump win hype will continue at least until 1st quarter of 2025 so 100k to 150k btc seems logical n the next 3-4 months & of course the vast majority of cryptos will follow btc direction, hive volume is good at the moment -probably it will stay & even increase n next few months so i think hive up to $1 seems to b logical n the next 3-4 months "upbit will probably continue to play a role". good post- well done, have a good day
We can feel the hype in the air already, for sure. But as you said, a few months of uptrend (with corrections!) are to be expected.
Hopefully the Koreans will send it to $1 soon.
We will likely see that, maybe sooner than many anticipated.
From a long term perspective, I think such pumps are just part and parcel of volatility and we should just ignore. But from a short term perspective, I try to have some fun buying and selling. Lol.
Yeah, they have no influence on the long term trend, but they can help if you make a little bit of profit.
That was like magic
I woke up at midnight to see that
Its encouraging
Then you saw most of this action, right?
Sure!