I don’t think APR does anything to HBD price fluctuations in a long run. Peg works fine and price always tends to make it back to 1$ regardless it goes up or down. Since it is a traded asset it is normal to see price fluctuations.
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You're right about that too. Maybe I'm just overthinking it since HBD is often converted to Hive during market conditions where Hive's price is well below $1. Initially, I thought that with the HBD APR dropping to 15%, holders might be dissatisfied, leading to increased HBD selling and causing the volatility.
I’ve also noticed that HBD tends to return to its peg, thanks to the HBD Stabilizer.
In any case, I still think HBD is a good asset to hold, but maybe not right now. Perhaps when Hive's price approaches $1 again, hopefully soon.