It's pretty much the same story as previous cycles, new coins that have no bagholders are pumping especially if there is no real product to value them on while the older chains with bagholders and a product that is used have a hard time. From what I know, Splinterlands has been dumping part of their Hive holdings and we are not in a zone yet where the public is interested in crypto. Hive also has shown to be a rather niche blockchain without too much outlook for it to really go mainstream.

I'm still hoping Hive will be part of a new bull run with some bigger adoption and price pump though.