This was also on my mind, some degen pulling in their PEPE bags.
Spear fishing is about accumulation, normally does not press this hard. You "spear" up into the liquidity, but then "give up" and put in a big buy order back where you started or a bit higher.
A few days (hours) later, you spear again - giving plenty of time for arbs and noobs to quick dump their hive (thus providing more liquidity for your next spear).
One thing I've learned about Hive is that you can create this spearfishing affect just by taking coins off the market with a single limit order. When Yabapmatt became a whale after the conversation we had in person a while back...
I basically accused him of placing a huge market order and pumping the price.
He got back to me and told me it was just a limit order at the current price.
So what ends up happening is that if one person buys a bunch of coins and removes them from the market permanently... the market making bots will quickly realized that these coins are no longer in play and they automatically push the price up.
There's a big difference between a market maker buying coins low with the intention of selling them slightly higher and a holder buying coins and removing them permanently from the trading pool. Hive already has very low liquidity so if a holder takes liquidity away from a bot it freaks out and changes strategy... or rather buys coins to get the liquidity back: pushing up the price fast.
Hive is weird like this it's hard to say what's actually happening.
oh shit that bot trying to get its liquidity back is really interesting and synaptic connections to clayboyn trying to get SPS listed and paying "market makers" to "make markets".
The entire business model of a market maker is to provide liquidity in the moment to anyone who doesn't want to wait around (which is basically 99% of the population). So all the small fish pay a tiny premium to the market maker in exchange for instant service.
It's when the market makers start trading with each other that things can get weird.
yeah it's a very crazy ripple affect when you buy up a bot's liquidity and it has to figure out what to do.