How Big Will Be The Hive Dump!
Credit : CoinGeckoI still can't believe what I see right now. The price of Hive almost reached a dollar, a gain of close to 900% in just three days. Yes, you read that right, 3 days only. Where else can you see your investment increase nine times the initial value in just three days? Yeah, I know, nowhere. Hive is currently ranked number 28 on CoinGecko.
I had some liquid Hive but when it reached a price of 20 cents, I sold almost half of that and then again at $0.3 and $0.4 thinking that the price will eventually die down but it never really stopped. The price kept going up and now it is in pursuit of $1.
What Caused The Pump!
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It all started with the AMA with Huobi. People began showing interest in Hive and when Huobi listed Hive and announced a trading competition, that's when things started getting really crazy. The price of Hive kept going up and it is still showing no signs of coming down. Before Hive was listed on Huobi, the volume was barely over $100 thousand but after Huobi listing, the volume is now over hundreds of millions of dollars. Hive is ranked number 9 in terms of volume with a volume of over $123 million on cryptowatch. Cryptowatch is a platform just like coinmarketcap and coinGecko with a difference in that it ranks cryptocurrencies in terms of volume.
The Hive trading competition is still on and there is $100000 worth of Hive up for grabs. A minimum trade of 500 Hive coins is eligible for the airdrop. The traders on Huobi have taken this competition pretty seriously and they are the sole reason we are seeing such amazing prices. The competition lasts till the 28th of April and I won't be surprised if the price breaches a mark of $1.2. This price is totally achievable given the insane 900% increase in price in just three days.
How Big Will Be The Dump
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I don't want to be a party spoiler, I would rather be the one putting the icing on the cake but the physics says that "what goes up must come down". All I am saying is that you should prepare your minds for a big dump. After the trading competition is over, the traders will start shilling their bags in the market which will result in a big selling pressure prompting the drop in the price of Hive.
But the question remains, " how big will be the dump"? I can't see the future but what I can see is that a big dump is coming. Let's say that Hive is trading at $1 right now and for Hive to reach its previous price when it wasn't listed on Huobi, that would mean a 90% decrease in the price. That seems very unlikely to me at the moment. I guess a decrease of 40-50% in the price will be reasonable. Even if that happens, Hive will still be trading at 50 cents which is still a good price given the fact that we have been below 20 cents for ages. For me, the worst-case scenario is Hive trading at 40 cents after the dump.
But that's just me, I could be wrong. Anything can happen in the crypto world and all we have to do is to be prepared for both best and worst-case scenarios.
This is not financial advice. This article is just for information and entertainment purposes
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We will have to keep observing and opting for the favourable option.
Binance announced a listing for Hive so I guess the price will carry on climbing over the net week or so.
Resteemed already. Upvote on the way :)
Thank you
Hi @syedumair
Indeed current price PUMP is simply mindblowing. I've never experienced such a price move. I've managed to sell all liquid hive (which probably most people did) and I'm hoping to see solid price dump, so I could double my stake :)
It all started with the AMA with Huobi.
Any place where I could watch that AMA?
ps. again welcome to PH community :)
Enjoy your upcoming week,
Piotr
The rise was really good and I sold my liquid hive also.
Really funny but it is the truth, the price is coming down already and I hope it doesn't go way way down.
so far this dump isn't really terrible @syedumair