Well, that was a whirlwind of news that we just went through here on HIVE. What started on Wednesday with a price of around $0.11 ended up a week later today at a price of $0.42. I know that HIVE briefly was as high as $1, but I don't really care. That's a 281% price gain in a week. Uh... I'll take it!
We needed to go through that experience as a community. Unfortunately, I couldn't benefit from any of the pumps because all my HIVE and STEEM was powered up during the week. But I think the industry recognition that was gained in the past week will be positively invaluable in the months to come. We now have listings on 4 of the top 5 "Chinese" exchanges - Huobi, Binance, and now Gate. With all of those coming within the week, can a listing on OKex really be that far behind? Does it even matter? I don't think the other top exchanges are gonna be too excited about letting the big boys continue to feast on this amount of volume. I mean just take a look at the past 24 hours:
That's $40 million in volume in one day on Huobi (it's pronounced Hwuh-Bee, thanks! It means "Fire Coin" by the way) and Binance (Bee-On in Chinese in case you were wondering. "Coin Peace" is the literal translation). That's $40,000 in trading fees for just one day, by the way. It's nice to be an exchange during these volatile financial times, isn't it?
So I really think we still have some more coin listings to come. By comparison, STEEM has 28 pairs listed on name CMC exchanges, compared to the current 13 that HIVE enjoys. Not bad for like a month of being in existence. Not bad!
Let's take a look at the HIVE chart for the week:
If you were a HIVE whale, man, it must have felt like you lived a year in a week. That's one insane chart where at one shining moment, the HIVE price was up almost 10x in a week. Obviously, that's not sustainable, but it still felt good to look at that account value on PeakD, didn't it?
So what exactly are we getting out of this Justin Sun pump & dump? Yes, folks, this was a classic Chinese-style pump and dump orchestrated by the masters of that technique. Low float, massive interest, plenty of news-driven events... Whatever sock puppets and Tron-aligned accounts that wanted to get rid of their HIVE were waiting for just such a move as this. Huobi, who you guys must remember was one of the exchanges that participated in the governance "hack" that enabled the Tronit soft fork to begin with, primed the crypto community with their own press and airdrop campaign (Don't you wonder where they got the supply for that airdrop? Hmmmm....) that began the price ascent. Then Binance in the middle of the US night unlocked HIVE tokens for trading, but did not enable them for deposit/withdrawal.
It's a standard play. It's crypto, y'all. That's what we love about it! Hopefully, now Justin Sun has cleaned up his profit & loss sheet a little bit and can start in on the long road that is fixing STEEM's image to the world. We all should wish him luck. The sooner this HIVE/STEEM thing stops being a personal vendetta, the better for everyone involved.
Ironically, I've been reading a lot lately about Justin's supposed mentor Jack Ma and I came across this illuminating quote in the Duncan Clark biography. It comes from when Ma was battling eBay for C2C e-commerce supremacy in China. Check it out:
The moment she [Meg Whitman, CEO of eBay in the early 200s] wanted to use money as her strategy we knew she would lose. First they didn't consider us as a rival. Then they treated us too seriously as a rival. Neither of them was the right strategy. When we say, "If you have no enemy in your heart, you will be invincible in the world," we mean you have different strategies and tactics. In terms of strategies, you must pay attention – whenever there is a rival emerging you have to study whether it could become your rival, and if so what to do. Whatever is stronger than you, you have to learn not to hate it… When you treat it too seriously as a rival, and intend to kill it, your techniques are completely exposed… Hatred only makes you a shortsighted person.
So hopefully that's the end of that. I'm sure I'm jumping the gun on this, but one can hope, right?
So let me actually answer my own question: What is HIVE going to get out of this epic P&D action? Well, for starters, according to my favorite penguin, @penguinpablo, posts are up 65% on the week. On the week! I know it's not 281% (like the increase in price) but we had to expect that a lot of the new traders of the coin were short-term thinkers who were never going to create an account on HIVE. The number of accounts transacting was only up 11.4% on the week, but still... that's very healthy traction for a week.
I think where we will really see the impact of this past week is in the long tail of the attention economy. More people will be paying attention to HIVE posts, HIVE news, and the HIVE token price. And that's never a bad thing.
See you on the moon 🌕, Hivers 🐝!
PEACE ✌🏼
Posted Using LeoFinance