I've seen some of hivers being bearish about it and have gave up on their long term target on hive. The hive price at this stage isn't that bad, it's the community and development that is being made by the applications built on hive matters.
But in crypto if you're talking about a project, it's price actually speak more volume and on a bigger picture hive have to jump up in rankings to make noise.
So how we're going to create that bull case for hive?
The Bull Case for Hive: 10x Potential but Why?
I've bought and traded many altcoins since the end of bear market until now and throughout the entire 2023 - the coins that pumped most had narrative
Like Ai coins, memes, Eth beta, RWA, socialfi etc etc came and still are here with us, they've potential for next year
But all of these narratives had one thing in common that was "high FDV, high marketcap"
High FDV usually indicates that those coins are overvalued by a big margin and mostly VC coins have high FDV.
All of the coins and airdrop that were launched in 2023 had high FDV and it went down and down but still these VC coins go up at some point - right?
Where they bring buyers from? And mostly hivers say this same thing: "where we going to bring demand from?" It's not that complicated.
Hive in Socialfi + Web 3.0 Narrative
Incase you think socialfi narrative is dead and gone, it's not true. Narrative changes but coins stay relevant in every bull run
The coin that did 10x, 50 or 100x in 2021 are still relevant like SOL, XRP, ADA, LINK, Avax etc
Just because those projects have active community, development and demand with utility.
And hive have active community as well as utility like gamefi projects, socialfi - we're all in one web 3.0 centric.
Hive FDV and Marketcap
We don't have that "VCs got our coins" and FDV is same as the marketcap. There are coins with $7b-$15b in FDV while Marketcap at $3b or around 5.
Hive is around 90% down from it's previous all time highs and just today we've seen more than a 40% move up.
It's the Korean pump but let's not forget what brings demand in crypto.
Price creates Demand
As long as the price of a coin is going up in crypto, no one even cares to study what does that project do.
They'll simply buy and pray it go more up and it is working with the memecoins that's why we've not seen an altcoins season like before yet because everyone is so focused on memecoins.
These Korean whales is what we need it or market makers driving price up, bringing the demand despite of all the supply we've in hive (most is locked) so $1 is just a week away, it'll happen fast.
hive is low float, low FDV + marketcap coin so technically the chart should tap that 2023 highs in early jan 2025.
And if we see historical price every month
It looks good too, Jan-feb-march should be bullish because of hive seasonality.
I did mistake fading seasonality in December, I'm not doing it again. So, we've taped 2021 all time low on hive, now it's time to make past that 2023 all time high after that things will become really interesting and like I said 10x from here is possible as long as market is bullish.
Wrapping Up...
In the end this is my bull thesis for hive that VCs garbage isn't moving, utility coins are started to get attention since hype launch people have realised the value of a "product" can make without VCs.
So, don't get caught by being bearish... We're going to see people pivoting from memecoins to Altcoins with utility and hive is listed on A-tier exchange like binance so it's undervalued right now and let's say by the end of march I'll comeback and see how true or wrong I was on this.
For now I'd love to know what's your thoughts are and your bull case for hive. Do share your thoughts and opinions in the comments.