A while ago, there was a big surprise on the Hive Blockchain. The network's governance token, HIVE, rose more than 50% in a short time, going from $0.059 to nearly $0.09, which surprised all users of the blockchain network, who were not imagining that this could happen so suddenly. Come and discover the impacts this had on the Hive ecosystem after this token surge.
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Hive Ecosystem After the Rise!
In groups, snaps, and even in posts—if you look at the posts from the last few hours—the topic of conversation was none other than the huge rise in HIVE. The surprise comes from the following reason: with the fall of Bitcoin and global geopolitical tensions, altcoins like Hive ended up being greatly affected, causing the tokens to drop significantly in price until reaching a possible bottom, in Hive's case it was $0.06, and then trading sideways for a considerable time.
Recently, Bitcoin rose from 60k to around 80k, which has somewhat eased the pressure on altcoins, but what happened with Hive was quite surprising because it seemed like an independent movement, detached from the rest of the crypto ecosystem. In one of the snaps, a user made an interesting observation regarding the token's trading volume. Trades that previously hovered around 1 to 2 million dollars every 24 hours reached almost 43 million in a very short time.
This movement may have been a type of pump, and when it happens quickly with other tokens, it soon returns to its previous value. Many crypto users say they much prefer when Bitcoin rises gradually rather than in a sudden, large increase, because they believe that a gradual price rise offers greater stability. Regarding the hive, we can already observe that the price has recovered considerably from the large increase it experienced, now trading around $0.07, still having a very high trading volume according to Coingecko, around 34M.
Besides the surprise, another thing that impacted the Hive ecosystem after this surge was the large price variations of tokens traded on Hive. In some marketplaces, it's possible to place buy orders for tokens traded on Hive, so because of this sudden surge, people who placed buy orders at high Hive values didn't have time to adjust the token quantity, and sellers ended up using this window to quickly sell their Hive tokens at a good conversion rate for them.
This is a major risk that those who use the buy order mechanism end up being exposed to. An example of this strong selling was in the DEC token, where users took advantage of this window to sell a large quantity, which is evident in the large red candle on the chart. This is a token from Splinterlands, one of Hive's projects, which is a card game.
