Steem Decoupling From Hive?

An uncomfortable subject

But we still need to talk about it. Yes, we all know that Steem is a failed chain and there hasn't been any progress that I am aware of. Coinbase has a TLDR on the most recent developments, but they don't strike me as very meaningful.

So...

I mainly wanted to point out here that for the first time in a very long time, Steem has been decoupling from Hive when we look at price. Prices are now about equal with Steem having had a noticeable pump over the last week. Over 500M Steem has been traded on Binance alone over the last 9 days. While this is an obvious pump and dump scheme and Steem being down over 20% today again, it does highlight that whales haven't forgotten about this s*** coin.

After looking at the chart comparison of Hive and Steem I noticed that such a decoupling hasn't really happened in the last few years. In fact, it is scary how close both trade. It is virtually the same exact chart.

We can take any time in recent years as an example. Here is 2022-2023. Except for the peaks/wicks, the charts are essentially identical.

The close resemblance is probably due to the MMs still running the same algos since the fork. What is noteworthy is that I cannot identify a time when Hive's price flat lined and Steem just shot up as we can see in the last 10 days.

Either this is the beginning of a new divergence or Hive is about to catch up. But we'd need to see huge volume pumps with it.

Conclusion

For many years Hive has been valued 20-100% above Steem. That itself has been a great accomplishment since only few forks have managed to have a higher MC than its predecessor. Last week, unfortunately, Steem's price has surpassed that of Hive. Perhaps it is only short lived. But it does show that fundamentals don't get valued very highly in crypto.

As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!

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