What drove Hive (HIVE) crypto’s 14,000% jump in trading volume?

Image Source: © Inueng | Megapixl.com

Highlights:

  • Hive (HIVE) is a blockchain-based decentralized information-sharing network. 
  • Some popular Web3 apps using Hive are Splinterlands, PeakD, and HiveBlog.
  • Hive’s native token HIVE powers the open-source social networking blockchain. 

The Hive (HIVE) crypto rose more than 35% as the trading volume skyrocketed over 14,300% in the last 24 hours to Tuesday morning ahead of its Ask Me Anything (AMA) session.

The AMA session, to be hosted by Elmas Land at 19:00 UTC on June 28, is also offering rewards of US$100 USDT for the winning questions.

The HIVE token was trading 35.20% higher to US$0.548 at 4:43 am ET on Tuesday, while its volume surged a humungous 14,341.81% in the trailing 24 hours. 

Let us understand more about Hive crypto and what it does?

What is Hive (HIVE)?

Hive is a blockchain-based decentralized information-sharing network built on Delegated-Proof-of-Stake (DPoS) protocol. The chain was created by a group of developers, investors, and community members to decentralize software development and protocol upgrades.

Hive supports different types of information-sharing DApps for easy transactions and access to data for content creators, investors, consumers, etc.  

It aims to offer a vast amount of content quickly for time-based monetization. Its low-cost transaction and fast processing time make it user-friendly and scalable.

Hive blockchain supports high transaction volumes with a three-second block time. Thus, it markets itself as an ideal option for building highly interactive applications.

Its ecosystem has over a hundred apps, community groups, and projects involving games, NFTs, DeFi, tools, sports, social, and videos. 

The Hive community has built more than 126 projects on the blockchain. Some popular Web3 apps using Hive are Splinterlands, PeakD, and HiveBlog. It also offers multiple community-owned and open-source wallets for Windows, Linux, iOS, macOS, Android & Web.

Hive Backed Dollar (HBD), a stablecoin, is powered by the Hive blockchain, where one can earn 20% APR on HBD savings, according to the official website.

Coinmarketcap.com

HIVE token:

HIVE is the native token of the Hive blockchain. It powers the open-source social networking blockchain. Its current market capitalization is US$244 million. 

The token’s circulating and total supply are the same at 445.66 million HIVEs. The HIVE token can be purchased from crypto exchanges Binance, MEXC, Gate.io, Huobi Global, Upbit, etc.   

Bottom line:

The token has generated a lot of interest on social media. So, can AMA be the only reason for the rise? It could be the interest the token generated on social media. It has nearly 34,000 followers on Twitter alone. However, investors should apply caution before investing in cryptos. 

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