I woke up today to another savage pump on HIVE coming from the Koreans. At the moment I opened my eyes and turned towards coingecko to see how's the market doing HIVE was already $0.51. Now it is battling at over $0.54 and I guess that's just the beginning.
The stable one, HBD, got into the spinning wheels as well and it has "lost its peg" on the way up. HBD is currently trading at around $1.5 and it was priced as high as $1.6 just a couple of hours ago. It seems that the stabilizing algorithm is not too efficient in holding HBD pegged to the dollar.
No problem about that from my side. I'm holding no HBD in savings. I like the Korean pumps, though. I used to hate them at some point because I saw them as "disrespectful" for HIVE. I was wrong, though. Often times HIVE has managed to gradually appreciate in price thanks to these pumps.
The last time HIVE experienced anything similar it climbed as high as $0.70. The 24h volume on that pump, if I remember correctly was around $400 million. Now it's just $109 million, $79 million out of that coming on the Upbit HIVE/KRW pair.
Another important aspect worth mentioning about these occuring pumps is that they oftentimes happen when the market is going in the opposite direction. We've lost over $50 billion in total market cap in crypto in less than twelve hours, but HIVE is ridding the wave high.
I have yet to find the reasoning behind such pumps, why the Koreans love to do that, other than making some profits I guess, and why have they chosen HIVE, but I can't say I'm annoyed by them.
Despite being in a bear market looks like HIVE is performing pretty well I'd say. It is still 84% down from its ATH, but nevertheless in a higher price range than what I was envisioning for it just for the current times, just a few months ago. Nice way to start the week with this recent pump. Hope they push it to $1 in the next few days.
Thanks for your attention,
Adrian
