So... apparently HBD pumped last month
I haven't been too active lately which is why I haven't really noticed. But I saw that HBD was >$1 on PeakD's wallet page and looking more carefully it said $1.59 on Coingecko! So I headed over to Coingecko and... Giga Pump...
In the middle of October HBD traded at well over $4 on Upbit! Strangely enough I haven't read anything about this on Hive (I do look at the trending page occasionally) and even stranger I can't find anything on the internet when searching for a blog post about it (using Peakd's internal search is still awful).
So nobody noticed?
But then again, does it even matter?
In the past, pumps like this resulted in a crazy frenzy at rushing to convert HIVE > HBD, then sell HBD on the market for profit and convert more HIVE > HBD etc. This was very profitable, but now things are different. Mainly, the HIVE <> HBD conversion is still offline due to the high debt ratio. This nullifies any conversion attempts. Hence the lack of any significant action.
This is quite unfortunate; because again, arbitrage would be highly profitable. So the only remaining option is to send HBD directly over to Upbit and sell for a crazy amount of profit. Is this being done? I actually haven't checked.
With a trading volume of over $300k today alone I guess it must have been well over $1M on a daily basis some weeks earlier. Top bad the average user can't profit from this.
But perhaps it is the actual reason for this pump. Upbit is still cut off to anyone who isn't from South Korea, so people trading there are pretty much left to themselves. Perhaps Upbit whales are about to pump Hive again? If so, it would actually have an interesting effect since Hive may go below the 20% debt ratio again, thereby opening the conversion pathway again... although I am not sure if that would lead to a price increase on Hive's internal market, unless whales would like to profit from the conversions as well...
(if I got something wrong here, please let me know)
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
⛅🌦🌧🌦🌧🌨☁🌩🌦⛅🌧☁🌤🌥🌪🌧🌨🌩⛅🌦☁🌤🌥🌤⛅🌤⛅🌦⛅
Check out the Love The Clouds Community if you share the love for clouds!
⛅🌦🌧🌦🌧🌨☁🌩🌦⛅🌧☁🌤🌥🌪🌧🌨🌩⛅🌦☁🌤🌥🌤⛅🌤⛅🌦⛅