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Hedera: Traders considering investing in HBAR have reason to maintain caution

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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.

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Here’s AMBCrypto’s Price Prediction for Hedera [HBAR] for 2022-2023

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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.

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.

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. 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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