People awoke today to the sound of popping champagne glasses and chocolate cake, fortunately no one had to trade a house for the chocolate cake. It's not 1900BC. But people are celebrating and rightly so how awesome is it that overnight we've become thousandairs and probably a few millionairs too.
I have to admit I didn't really look into it or care too much, I'm no where near my target if anything it means I get a better exchange for the other tokens I support on Hive Engine. But it's in no way going to make me rich enough to retire so keep on earning, buying and staking.
Hive Block Chain Tech though has recently been in the news for its partnership with another company and moving into the realm of Defi. You can read their press release Here
Unfortunately this newly released news which happened two days ago has sent the market into a frenzie as crypto investors move to invest in the up and coming partnership which will probably net the company good returns.
Imagine seeing that news and the investment into a brand new Defi project was .60c a bargain! Even CUB has never been that low. So naturally investors without doing much research see the token Hive and rush in to nab liquidity.
You can correlate the error with the actual companies price which is in the red at $4.14. So clearly there is an error occurring with trigger happy crypto investors. I could write a piece on how people don't do enough due diligence prior to investing. But that's pretty much what's fed most of the crypto boom and busts. "Quick! New coin buy it Ankr is a good example on coinbase. No doubt as Coinbase is now a publicly legal exchange that token will easily reach $1 and more and more people will continue buying into it. Because it's cheap and they have no real idea what it does or its use case. But it is easy to buy and you get it right away. $20 will buy you 100 of them. Imagine the next bit coin bro? No, no it won't be but people will believe it.
So sorry to burst everyone's bubble but from a quick search and something that was posted in bro discord it appears that our current price rise is due to a market error or more so, an investor error.
But it is really nice to look at my Dolphin stack and see that I have enough to.pay for my annual food bill (Australia is expensive as anything)
I hope this helps alleviate some of the confusion and I could he totally wrong, so be cautious. But I'd give it a week or two for when these investors release they have bought the wrong token.
But keep in mind Hive is moving to a defi model and smart contracts so there is a good chance $2 next year.
Sorry to tip out your champagne and end the party early, hope you haven't started a power down.