- Tokens from Steem’s hard fork, Hive, have doubled in price within in one week in comparison to the STEEM token.
- Steem’s trading volume is still higher than Hive’s with about $2 million in recent hours.
Just over a week ago, the hard fork of the Steem blockchain, Hive, was successfully activated. The introduction was declared a success by the former Steem community against TRON CEO Justin Sun and a demonstration of what decentralization stands for. As a glance at the charts of both cryptocurrencies reveals, Hive also managed to outperform its predecessor in terms of price development during this period.
The Hive blockchain was created by a team of developers from the Steem community and is a response to the actions of TRON CEO Justin Sun. After Sun bought the content platform from Steemit Inc., the dispute between the two parties continued to escalate.
In an attempt to prevent Sun from manipulating Steem’s network, a soft fork was implemented that aimed to deprive Justin Sun of ownership of an estimated 20% of all Steem tokens that were pre-mined by Steemit Inc. The CEO of TRON, however, used his influence on Poloniex, Huobi and Binance to take control over the witnesses of Delegated Proof of Stake (DPoS). In the aftermath, the community decided to fork Steem and create Hive.
Hive is an idea that cannot be bought
At the time of publication, the new HIVE token was trading at $0.195, with a 15.60% loss in the last 24 hours. The STEEM token, on the other hand, is trading at $0.142, with losses of 1.94% in the last 24 hours. However, the weekly HIVE chart shows a gain of 12.78% versus a loss of 28.50% for STEEM.
In addition, the HIVE token reached its highest price of $0.336 on 27 March. With this, HIVE exceeded the annual high of STEEM of 0.297 dollars. Nevertheless, STEEM still exceeds the trading volume of HIVE by far. In the last 24 hours, STEEM recorded a trade volume of $5,378,008, clearly exceeding the $40,647 of HIVE.
However, it is necessary to wait and see how Hive’s performance evolves. After admitting their participation in the “takeover” of Steem’s witnesses, the exchanges Binance and Huobi announced their support for the hard fork. The exchanges distributed the HIVE token within a ratio of 1 STEEM = 1 HIVE. This initiative had a positive effect on the token’s performance. In addition, HIVE has been listed by the Bittrex, ProBit and Ionomy exchanges.
On the social network Twitter, one of Hive’s users stated what the new blockchain represents:
Hive is unique in that it’s a social blockchain. Bonds have been built over years. Lives have been changed, saved & improved. Lessons have been learned (…),
HIVE is an idea, & no amount of money, government or corporations can kill it
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