Can Hedera’s NFT growth make HBAR prove its mettle in the crypto market
HBAR, Hedera Network’s native cryptocurrency, saw some positive growth in the last seven days. However, the network had more to offer. In addition to HBAR’s price, its blue chip NFTs have also witnessed some growth in recent days.
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Here is AMBCryptos Price prediction for Hedera [HBAR] for 2022-2023
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Baboons are hungry for more
One of Hedera’s best performing NFTs Hungry baboons, recently crossed 10 million in volume in the past two weeks, as of October 29. The same was retweeted by the official Twitter handle of the NFT collection.
Phenomenal 🔥🔥 @HangryBarboons barbuer passed 10mil $HBAR volume on @ZuseMarket within the first two weeks after launch 🚀
Really something special! 💎
Congratulations, next stop pluto 🔵#HBARNFT #solnfts #ethnfts #Honour #HangryHeatWave #HederaHeatWave pic.twitter.com/emVwTpPHKe
— jbar.hbar (@HBARbarian_) 29 October 2022
One of the reasons for this growth may be Hederaincreases social mentions and engagements. According to the social media research firm LunarCrush, the number of social mentions for Hedera increased by 16% in the last week. Furthermore, the number of social engagements increased by 19.7% in the mentioned period.
Not only that, but the weighted feeling surrounding Hedera also grew. This indicated that the crypto community’s overall outlook for HBAR turned positive.
Source: Sentiment
But despite the success of some blue chip NFTs and a growing positive sentiment for Hedera, there was trouble. HBAR’s NFTs failed to compete with other blockchains in terms of their NFT growth.
A roadblock on the road to recovery
As can be seen from the image below, Hedera still didn’t qualify as a strong contender for other NFT collections. On the contrary, HBAR’s NFT collection had a long way to go before it could compete with major players in the market.
Source: StockWit’s NFT
Besides, there were other positive things that could also be considered. Hedera’s volume has grown significantly in the past week. As you can see below, Hedera’s volume went from 20 million to 35 million in a matter of days.
Along with the volume, HBAR’s market value continued to grow as well. However, Hedera’s development activity continued to decline during the same period, which may play against the increasing numbers.
A declining development activity in the middle Hedera’s mirror knot problems can be perceived as a problem. However, the problem with the mirror node issue was resolved on 27 October.
Source: Sentiment
At the time of writing, HBAR was trading at $0.0605 and had risen by 2.70% in the last 24 hours according to CoinMarketCap. However, volume weakened by 18.15% during the same time period. The market capitalization also increased by 3.07%, and at press time HBAR had caught 0.16% of the entire crypto market.
