SUN CEO is not happy! HIVE surged by 400% after being listed on Huobi, surpassing STEEM in total market value overnight

The original Steem community, dissatisfied with Justin Sun's hostile takeover of the Steem blockchain, fled and forked to maintain a separate fork chain - Hive. Its token has surged by 400% since listing on the Huobi exchange on April 24, surpassing STEEM in total market value ranking.

The Birth of the Forked Coin HIVE

According to previous reports, after Justin Sun acquired the Steem blockchain, he attempted to take control of the Steem blockchain by avoiding community consensus through bribery and colluding with exchanges. This action triggered a strong backlash from the original community, which ultimately chose to hard fork the Steem blockchain and maintain the new branch - Hive, without Justin Sun.

After the original community announced the fork, many exchanges declared their support for the Hive airdrop, including Binance and Huobi exchanges, which have a good relationship with Justin Sun and even used user assets to help Justin Sun control the Steem blockchain. Huobi listed the Hive token on April 24th. Many people are curious why Huobi, which initially helped Justin Sun, is now supporting Hive? Developers of Hive revealed that Justin Sun deceived Huobi, leading Huobi to mistakenly believe that the vote was to expel attackers, and Huobi did not intend to help Justin Sun rise to power.

However, whether these exchanges did so intentionally or unintentionally, the community still imposed penalties on them. All exchanges involved in violating community consensus, including Huobi, Binance, and Poloniex, were collectively penalized with about 100 million STEEM. In other words, these exchanges collectively lost 100 million Hive airdrop tokens.

Huobi Listing Sparks HIVE's Parabolic Rise

Since Huobi listed the HIVE token, the exchange's trading volume now accounts for 83% of the total HIVE trading volume, making it the primary liquidity platform for HIVE in just 3 days. This has driven over a 400% increase in profits and more than a 20-fold increase in trading volume. The total market value has reached $285 million, surpassing STEEM's $66 million, ranking 31st by market capitalization.

Related Reading

• STEEM Holders to Receive HIVE Tokens, Community-Led Hard Fork Coin Price Surges 180%
• Steem Community Elders Accuse Justin Sun of Controlling User Thoughts and Assets Through Bribery on the Blockchain

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