I’m not a fan of any of the pump style marketing, but I’m really not sure what’s going on with this Huobi situation.
First, the promotion doesn’t involve trading at all. You’re not required to buy Hive, participation is calculated by how much you deposit to Huobi, so it looks like you have to already own it.
Right now the cutoff to earn the bonus promotion is sitting at a deposit of 18,000+ Hive. I don’t foresee anyone buying 20,000+ Hive on another market and transferring it to Huobi to win an additional 1,000 with the risk of their purchase cratering. 5% gain with an 85% downside risk? No thanks! Though maybe some folks are real gullible.
Much of Huobi’s Hive is still powered up, so I think the promotion was entirely to drum up some additional liquidity in the short term.
I was also surprised by how dominant the trade pairing with USDT is vs the volume in the BTC pair. But it looks like Huobi has kinda dominated in use of USDT on its exchange.
So I don’t know exactly what to make of it. I think it’s a lot of traders just looking for an active market, with hopefully some inflows of new genuinely interested investment in the mix. But I just can’t imagine the contest having much impact on the massive price and volume swing we’re seeing.
RE: Huobi's Unethical HIVE Tweet Endorsed With Hivean Moon Talk Makes Me Livid!