I didn't open my laptop until the afternoon today, since I had other things to do offline first. I should have checked the price of HIVE in the morning... But I didn't.
HIVE simply went straight up to 33 cents, for a 53.5% gain intra-day at some point, for a short while. At the time of writing, it's still 23% up. I'm using prices on the internal market, by the way, even though the pump was initiated and controlled from the Korean exchange Upbit, with 80% of the trading volume (from CMC) or 73% and in the warning category from Coingecko. CMC says we have a 453m USD trading volume in the last 24h, Coingecko says 426m USD. Both impressive, even if different. About 30-35% more trading volume in the last 24h than Cronos (CRO), for example, which is 25th by markep cap.
We are familiar with these kind of pumps but haven't seen them lately as often. Maybe they needed the right sentiment to push them again. Unfortunately, price rarely stays at a higher level after these pumps. so I sold most of my liquid HIVE into HBD, expecting to buy them back lower.
As a confirmation of what I said above, the intra-day gain dropped from 23% as it was toward the beginning of this post to 17% now:
Of course, one can ignore these P&D, and at the end of them, we would usually be in around the same situation as the start of them, but if we are in the position to take advantage of them, especially on the way down since it is almost impossible on the way up, I don't see why not. They will happen almost like clockwork with or without us selling HIVE on the way down and then buying it back at the end of it.
How do you deal with these Korean pumps?
I used to keep some liquid HIVE for them and know almost instantly when a pump is pushed from Upbit, even without checking the trading volume (just by looking at the hourly trading). But since they started being rarer, I powered up most of it. Now it was simple luck that I had some HIVE purchased recently with my HBD author rewards.
