When price is down it's less motivating to post
But actually, it may be quite the opposite. The main reason here is that the reward pool of Hive is distributed to less daily bloggers. So in principle you should be getting greater pay outs. We can see that the amount of active Hive accounts has been in decline since the 2021 peak. This is mainly due to the price falling, i.e., it's "less sexy to post" since the rewards feel (and actually are) smaller. While it is true that the amount of HBD is much higher when Hive's price is also higher, the Hive rewards are actually much greater when Hive's price is low. The idea here is that should Hive's price rise again, the Hive rewards of a post could then be sold for more $ value. That is of course if Hive goes up again. Unfortunately, this hasn't been the case for a long time.
So with less active users, the share of the reward pool for Hive becomes bigger for bloggers. There hasn't really been a big change in activity for more than a year, so I would argue that this dynamic hasn't really been felt for some time. Yet, should Hive see another spike in the future, users should noticeably see their amount of Hive dropping from posts (and not just because of the higher price, but because the reward pool is split among more users). I guess $ attracts users and we can definitely expect a busier chain should price go up again.
Another argument for blogging now, is that Hive Power has been continually increasing over the years, essentially now being at an ATH (since the Hive Fork at least). With more HP around, there is a good chance that more users are actively curating and the chance therefore of receiving a vote or a higher vote amount is bigger (the caveat here is that users actually have to put their HP to use).
Conclusion
I guess it all comes down to future trends - should Hive make a come back, blogging and earning Hive could be a really good pay off (imagine making $1 now and being able to sell it for $10 in the future). In fact, when Hive's price is up, there is almost an incentive to sell Hive because the value of the payout could be much less in the future. Hive now being back at 10 cents is quite the surprise (at least for me); personally, I am betting on higher prices for the coming years again and that's probably the only thing we can really do if we want to remain hopeful.
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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