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Hive PUMP: Steem losing steam in Korea, Exchanges inflow vs outflow

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@myfreebtc
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It's a great time to be a Hive holder right now! I was so excited about the price move that I barely slept, my mind was racing. Seeing Hive get to $2 was great but getting to $3 and later into the top 100 cryptos by market cap for a brief moment was insane.

I was very curious about what caused this sudden change in the sleeping giant that is Hive. I did a little digging to see who was buying such enormous amounts that moved the price from $1,60 to $3,50. Despite what many a majority of Hives supply is liquid (around 60%) so that makes this move even more impressive.

Who's buying so much Hive? m

I was quite surprised to see Upbit, the biggest South Korean exchange with a volume of $1,2 Billion on the pair HIVE/KRW.
It seems like a lot of Korean users suddenly took interest in Hive and all by themselves erupted this buying frenzy.

Are Korean users migrating to Hive?

As many of us know Steemit is very famous among Korean users that decided to stay loyal to Justin Sun instead of packing their bags and leaving as we did. Besides the 2% drop in overall users from Korea Steemit has been dropping places in their country ranking now sitting at 1880 place.

Statistics to keep an eye on:

The price has been holding up better than I expected, lots of users took the opportunity to take profit but there is enough buying pressure to soften the selloff.

Will hive stay on Upbit or do the buyers intend on transferring Hive to the blockchain and power it up. I took a look at yesterday's statistics by @penguinpablo on this post. The scenario doesn't look good, I was hoping to see a big amount of Hive transferred from exchanges but that was not the case:

As expected the traffic to exchanges was massive due to the people cashing out their gains.

Final thoughts:

It's too soon to tell what the future holds for Hive but I will keep a close eye on the statistics. Mainly on the Power-down vs Power Up graph to see if there are more people willing to commit for the long run by locking up their funds.

It was great seeing Hive getting the recognition it deserves, hopefully, more people will join and we will secure our rightful place among the top 100 cryptocurrencies.

Posted Using LeoFinance Beta