61 Cents and Falling
Five days ago, I posted about how Hive was still holding strongly above 80 cents. I wondered if it was just a case that folks had not yet had time to power down and dump. Even after seven days it was still holding up pretty well.
I saw a lot of dumps, but it also kept bouncing back. After a few more days, it seems there is quite a lot of dumping now happening. I don't know this for sure, but I am guessing that there were people that held out for a couple of days before starting their power downs.
How Far Will it Drop?
The tricky part as always, is guessing how far the price will drop this time before stabling off. One thing that has seemed pretty consistent over the past few years, has been a very slow trickle downward in price after a nice pump. Every time you think you've caught the bottom, it just keeps going down.
I think this is one of the negative sides of the fact that Hive infinitely pumps out coins. The theory is that keeping your coins staked offsets these extra coins, but it never makes up for the insane value lost by a constantly dropping price.
However, if we can keep getting new people interested in Hive and buying up the price, there will be fewer and fewer people willing to sell for under a dollar. The difficult part is keeping Hive from dropping to 20 cents and lower all the time, which is where we end up getting all of the new people coming in.
As for me, I wish that I'd powered down a few days earlier because it would have been a great opportunity to sell high, and buy back 30 cents or so cheaper.
When $5 Hive?
I see no reason why Hive couldn't reach 5 or even 10 dollars. A lot of people have been saying this for a long time. We all know that this blockchain is extremely underrated and undervalued.
My hope is that it will get down to 50 cents at the lowest, but this is probably just wishful thinking. However, in the long term it doesn't really matter all that much because I feel like we are just in the beginning of this run.
On a side note, be sure to check out my wife @afturner's new profile on Hive. She has just started posting and even published some NFTs on the showroom. She could also use your vote on Foundation to get her work published there.
UPDATE: BAM! Just a few hours later, we've dropped all the way to 51 cents. Down 22.34% today. Gotta love Crypto!