Hive Backed Dollar (HBD), the Hive algo, spiked again reaching as high as $1.65 with some serious volume behind it. At this price, more than $10M was traded, but much more even before and after the price deflating.
The entire market hype took around 5 hours and at the end of it the price ended at around $1.07, which is still above the pegged price of $1 worth of Hive.
With such big movements on the market repeating regularly I wonder if it is better to hold liquid HBD instead of locking it into HBD Savings, even if the APR is standing at a juicy 20%. You just need to catch one such spike, convert HBD into a different stablecoin, and after that back to HBD when the price gets back again to $1. This will provide better returns, only that you need to be more proactive in taking gains by placing orders on one exchange or the other.
UpBit looks like is the only centralized exchange supporting HBD, but we have also the option on PolyCUB as a decentralized exchange where we can take advantage of the price. If only this would extend to other exchanges with big volumes like Binance and it would be easier to take advantage of such movements.
What about you? Did you take advantage of this HBD spike?
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I couldn't this time because I had some of it in savings. But I did took advantage of the previous one when it rose up to $3.
I think what you mentioned on your post seem to be a great idea, leaving some of our HBD liquid instead of putting it all into savings. All that's needed is one home run!
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I missed both of them having HBD in Savings and I am thinking to get some liquid HBD aside. It looks that HBD might spike again in the future and maybe I could grab profits greater than 20% APR which is for holding 1 year in Savings.
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Yes, there probably will be another HBD spike in the near future. The $3 spike happened less than a month ago and now this one too. Just try getting a decent amount of HBD in liquid. When a spike comes, you'll then be able to generate some good profit.
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After the last spike I tend to keep my HBD liquid. My stack is small so 20% APR makes very little difference but these 60% swings do.
I just hope they aren't using our tokens for some scam pumping over there in Asia. The volume is insane.
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Is there any way to be notified when the price rises or how do you handle that? As HBD is paired with BTC I am not sure you can put an order as there can be swings on both sides...
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Coingecko price notifications is the best tool I found so far lol. Sounds dumb but I don't think there is a better way to do it afaik
I missed both pump but my luck will come and I strongly believe that
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Yeah, just need to strategize on that.
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You can also arbitrate something in beeswap. Although with smaller amounts.
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Yeah, I wonder if the price rise is reflected also in pHBD on PolyCUB...
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Oh yes it is
If you want to take part in arbitraging the hbd price, then polycub is actually the cheapest way to do it. And you can provide liquidity on the hbd-usdc pair when there is no spike
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It starts making sense of holding HBD rather than liquid HIVE nowadays with these Korean pumps.
I couldn't take advantage of this HBD spike, but I suppose HBD stabilizer did. So the hive.fund.
Evert time HBD or Hive pumps, the crypto market collapses. I don't know if it is a coincidence :)
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pHBD and bHBD changing the game :)
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I can bet 100$ that hive will not reach at least 2$ in 2022