After posting the above chart last 04 March, someone saw a very bearish scenario as if we have not just passed through an over-extended crypto winter. As far as $HIVE is concerned, the commenter refused to see the most likely picture of $HIVE in months to come. For him, he saw an exact opposite and was expecting a crash around 50 cents for in his mind, the token isn't worth "more than 10 cents" and Hive "is a dying network."
I am not sure why he included "users from third world countries" in his comment. I also don't know what is his prior experience here on Hive. If in his mind, the connection of users from third world countries to Hive is the reason for such a negative interpretation of the network, I think the critic still doesn't understand the potential and opportunity the digital space can offer to anyone.
Splinterlands
As I reflect on this idea of Hive as a dying network, I could not help but disprove it on the basis of the growth of the gaming platform that introduced Hive to me. Excluding all other tokens and just focusing on Splintershards, how can one say that the layer 1 platform is dying and yet just a single token of a game built on top of it is now worth more than 36M USD? Will a project valued with such an amount continue to build on a dying chain?
Other Projects Built on Hive
How about other Hive Engine tokens? What do they say about the current status of Hive as a network? Yes, it is true that some projects fail to deliver their promises, but others still remain, though they struggle to find widespread support.
As for gaming, the number of front ends is growing. We are still not sure if they will succeed or will they fail. However, it is premature and perhaps baseless to say, that the network is dying despite the increase in number of projects built on Hive.
$HBD
$HBD plays a vital role in the growth and development of Hive in months and years to come. Though I don't fully understand the ongoing discussion that surround the economics of $HBD, however, I tend to favor the idea that the stable coin of the network can function as a "pristine collateral," which is largely missing in today's financial system. Though providing sufficient liquidity remains an open question, I would rather trust an algorithm to provide stability than the backing of physical assets or fiat currencies that can be devalued anytime by the parasitical class.
I am not sure if other stable coins are as transparent as $HBD. The website below was created by @dalz to show us important numbers about what's going on with the stable coin.
The last time I visited it was 22 February this year. After seeing today the changes in numbers as a result of the current bullish sentiment, I decided to write a short post about it for me to have an overview of how the $HBD statistics and $HIVE's market cap fluctuates and evolves through the months. We can see the changes below in the last three months:
| Date | $HBD Supply Excluding the DHF | $HBD in the DHF | HBD Supply Including the DHF | $HIVE Market Cap |
|---|---|---|---|---|
| 23 January 2024 | 11,286,398 | 22,483,317 | 33,769,715 | 167,711,212 |
| 05 February 2024 | 11,259,935 | 22,555,837 | 33,815,772 | 160,980,926 |
| 22 February 2024 | 11,455,539 | 22,659,903 | 34,115,442 | 176,368,744 |
| 11 March 2024 | 11,620,371 | 22,757,670 | 34,378,041 | 218,974,837 |
Seeing the above chart, the most obvious difference that one can see is the increase in $HIVE's market cap in less than a month. I expect that such number will grow in months and years to come. As for the other numbers, their increase appears normal and minimal. Again, contrary to the prophets of doom, as for me, such growth indicates only one thing that the Hive network is growing and will continue to thrive.