When the going's good, most people aren't inclined to ask questions... but I will!!
I'm no guru, but something doesn't feel kosher with this sudden eruption of Hive trading activity from a single exchange based in China, Singapore and Japan
Is there REALLY this much interest in the Asian crypto community for our fresh-off-the-printing-press Hive, or are traders simply having a field day with the local hype train?
I guess that analyzing new user/wallet inflow will help us get a better feel of that.
I really do hope this is all organic activity and wonderfully refreshing demand, but it's good to think and raise questions when it's seemingly too good to be true.
Let's Be Real
There is FAR too large of a disproportion of activity from this one exchange when we see how small prior volume was on a major exchange like Bittrex. It's not even remotely close.
My spider senses have been going off for 2 days now, but I will admit that I could be a fool who just didn't realize how special Hive was to people who must've been waiting on the edges of their seats for their chance to buy it all up.
How do you feel about it?
Before:
- Hive was on Bittrex, a major exchange that plenty of people around the world can access (a solid way to measure demand).
- We were seeing ongoing daily volume in the $200-$250K range across all exchanges before this explosion.
- Demand was virtually anemic before Huobi listed and promoted it.
WHAT?!:
- Huobi has $36.5+ million in Hive volume in the last 24 hours.
- Add on the crazy volume from the 2 days prior and it's off the charts.
- The price continues to soar upwards of over 300% in just 3 days.
- Hive went from $0.12 to $0.57 in virtually 3 days due to an exchange adding it.
- The vertical price spike keeps holding.
WHY?
- Does China, a country with a Great Firewall, know something about Hive that we don't?
- Do these buyers have tons of disposable funds to spend and nowhere else to put it?
- There should've been a pullback. There hasn't been one.
- We've seen how exchanges can be a bit hands-on with tokens like Steem, so I'm a little skeptical of this listing process.
Is this volume and interest from Asia real?
Huobi has been in the news for alleged fake volume before as recent as 2019. Are market makers playing fair here? Let's hope so! No accusations from me.
I'm glad people are gaining in paper value or making solid trades with liquid Hive, but going up so fast after tumbleweeds doesn't feel great for the medium.
Hoping for the best either way.