The cryptocurrency market has not made a massive gain during the past few days despite Bitcoin holding $20,000. Despite the consolidating levels in the market, HIVE has made a 16% gain during the past 24 hours.
HIVE gains 16%
HIVE is the native cryptocurrency for the Hive open-source social media blockchain. The token stands as a top-performer during the past 24 hours and boasts high trading volumes.
On Tuesday morning, the coin recorded a gain of over 35% as the trading volumes increased significantly by more than 14300%. The gains coincided with an Ask Me Anything Session hosted by Elmas Land.
Elmas Land is the digital autonomous organization (DAO) that governs the Hive blockchain. The DAO hosted an AMA session that involved questions and answers between the team and its community. The AMA session attracted many users because of offering rewards of $100 worth of USDT for the winning questions.
As of now, the token is trading at $0.652, based on information from CoinGecko. Over the last 24 hours, the coin has tested the $0.70 resistance level, and the trend remains positive. If investors keep buying HIVE, it might do better than the rest of the market. However, this upward trend could reverse if the excitement for the token on social media fades.
What is the Hive Blockchain?
Hive is a blockchain network that uses the Delegated Proof of Stake (DPoS) protocol. The protocol allows people to create decentralized applications (DApps) in different sectors such as DeFi, NFT, and gaming.
Hive serves as a governance token for the network. Those who hold the HIVE token can help shape the network, and users can earn returns by holding the coin. The token’s market cap is $240 million, making it the 144th largest cryptocurrency by this measure. The Hive network also features Hive Backed Dollars (HBD), a stablecoin linked to the US dollar.
The token is a competitor of Ethereum because it promises its users better scalability. Some of the best DeFi apps created on this blockchain include DLease and Tribaldex.
The network is also home to gaming projects such as Splinterlands, Rabona, Rising Star, and Hash Kings. Splinterlands is one of the biggest projects in the gaming sector. DappRadar recently classified Splinterlands as one of the most popular gaming platforms globally.
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