I woke up to a quite pleasant surprise today. After the early-week dump on Hive, mostly from Korean investors, I was baffled to see that HIVE had "pumped overnight" to something like 20% above its previous day average price. By the time I saw the light of day, our main token of the blockchain was a bit over $0.26.
All of that while max pain took us to as low as $0.2 early this week. This new cycle low in the middle of a bull market managed to panic investors and bloggers of this blockchain. As someone who lives off crypto, I can't say I was fine with it, but it looks like we're back on track to "range-bound".
Most of the over 20 million in 24 hours volume of the latest pump on HIVE came from Upbit, which means Koreans regained trust in Hive once again. The FUD behind the dump, which took us to as low as $0.20, was related to a rumor that Korean exchanges would be forced to massively delist tokens.
The FUD was debunked, as usual, and I guess Koreans started to amass magic internet money once again. They seem to like speculating on our token, and thus they probably bought back their stake that they dumped just a few days ago.
Hive is alive and well, and you probably didn't need anyone to reassure you on this one, but whoever panicked because Hive was about to die, it looks like all of this was nothing but a typical bull market shakeout. Why would Hive die? At least this thing is up and running, unlike many other projects that are full of promise and weak in offerings.
There is an important thing to note, though, and that is the fact that thus far, Bitcoin has had most of the fun this bull market while most of the altcoins still look dead. But these things will change once BTC and ETH enter price discovery, especially ETH.
We will see ETH ETFs getting launched at the beginning of July, and that will boost ETH's price, which only means altcoins season. So, don't get discouraged; this is probably the final shakeout before the parabolic rise we've been waiting for in the altcoins for such a long time.
Bull markets have a way of panicking even the most convicted traders and investors, and to some extent, bull markets are harder to bear than bear markets because we have expectations that often don't come true as we would like them to. But one year from now, when we'll look at where we are on the charts, this dip will be nothing more but a blip...
HIVE might not get back over $0.30 pretty soon, but that doesn't mean it's dead either. Remember that Solana crashed as low as $9 during the bear market based on FUD, and it is now 13x higher than that level. By the end of the bull market, it will probably be valued at $1,000. The same can apply to Hive. This thing is far from over.
Chill and Hive on; the fun part of the bull market is about to happen.
Thanks for your attention,
Adrian
