Hedera: Traders considering investing in HBAR have reason to maintain caution
Hedera, a public network for Web3 that allows individuals and businesses to create dApps, made a new annoucement recently. As per the announcement, the network has plans to launch native staking for their native crypto currency, HBAR.
____________________________________________________________________________________
Here’s AMBCrypto’s Price Prediction for Hedera [HBAR] for 2022-2023
____________________________________________________________________________________
In a tweet shared by Hedera’s official account, it was stated that native HBAR staking would begin on 22 October. Furthermore, the distribution of rewards for eligible staked accounts would take place every 24 hours.
🚨NATIVE $HBAR STAKING HAS ARRIVED🚨
Beginning at 12:00AM UTC Oct 22, #staking rewards will be distributed to eligible staked accounts every 24 hours. This is a momentous milestone for the #Hedera network – a massive thank you to our incredible community!#HelloFuture https://t.co/LYBRCYxhtb
— Hedera (@hedera) October 20, 2022
Thus, it remains to be seen what kind of impact this development will have on the Hedera network.
Some good news indeed!
One of the areas where the Hedera network showed growth was in the DeFi space. As can be seen from the image below, Hedera’s TVL witnessed immense growth after September. As of 21 October, Hedera’s TVL was at 17.17 million and had incremented by 0.03% between 20 and 21 October.
Source: DeFiLlama
Another area where an improvement was observed was the NFT market. One of Hedera network’s top performing NFT collection, Earthlings.land, observed an enormous uptick in terms of volume.
According to Stockwits NFTs, a data and discovery platform for NFTs, Earthlings.land witnessed a 2,152% spike in its volume between 20 and 21 October. Additionally, projects such as HANGRY BARBOONS, also showed some signs of development in this space.
Top 24 hour volume gainers🚀
HBAR @earthlingsland +2,152%
ADA @LunaticsCNFT +444%
SOL @lunarprojectnft +345%
ADA @MallardOrder 153%
SOL @DegenTrashPanda +127%
ETH @Nyolings +58%— Stocktwits NFTs (@StocktwitsNFTs) October 20, 2022
The Hedera network’s development activity also showed signs of growth over the past week. As can be observed from the image below, HBAR’s development activity increased tremendously. This could be an indication of the upcoming developments and upgrades planned to be implemented on the Hedera network.
However, HBAR’s volume declined significantly since 14 October. Its volume depreciated from 151.2 million to 32.57 million as of 21 October. Its market cap depreciated in the same duration as well.
Despite HBAR’s declining volume and market cap, the Hedera network did not shy away from making collaborations. In a recent announcement, Hedera stated that LGElectronics would be using the Hedera network as a foundation for its upcoming NFT marketplace.
Source: Santiment
At the time of writing, HBAR was trading at $0.0592 and surged by a mere 1% in the last 24 hours.
