Concerns about HIVE pump without sounding like a party pooper

1 yr (edited)
2 Min Read
419 Words

I think the increase in price of HIVE has been phenomenal. Have see many tweets so far about how people had forgotten what a pump looks like and I agree, even I had forgotten crypto can pump and moon. Fortunes can be made in days, if not hours. Now I have not made anything I would call a fortune but the higher account value feels goods. I know it is temporary so I hope Hive succeeds beyond $1 for fundamental reasons.

Here is the HIVE price chart (redundant I think as many people's eyes are glued to this chart already)


Here is what the price looks like compared to other cryptocurrencies -


There is also Steem in the chart in which HIVE price action is compared to other cryptocurrencies. Now while I am enjoying the feel of higher HIVE price, I can't help but feel a little concerned.

I think it is safe to say that this price action in HIVE is driven by HUOBI listing and the 100k HIVE airdrop, which ends on Apr 28 (Link)

I feel sad that even today, people are excited about what is obviously going to be a Pump and Dump. I wish by now the industry had matured enough to not be excited about this. I hope I do not receive a lot of flak and downvotes for this but I wish large holders were not promoting this as a win for decentralized governance, because a Pump and Dump should not be a demonstration of anything. It only shows how nascent this industry is, so much so that listing of token on an exchange can bring this kind of price action. We should hope to attract users for what they can achieve on HIVE and how they have a chance of being a blogger/influencer on a newly formed social media project. Users should be attracted to how this is a community driven project and not be buying tokens because they can win some free stuff.

I know everyone here hates Steem but Steem price is going up as well and looks quite organic and in-line with what other cryptocurrencies are doing. That is healthier.

A win for HIVE will be when user base grows and they pump the price of HIVE for its utility. People build communities and engineer strategies for communities to survive, kind of what project hope is doing. We have a long way to go to achieve what I can remotely call a win in any form.