Why Hedera shows resilience in a declining market
- Hedera’s adoption milestone strengthened social sentiment among investors.
- HBAR bounced back strongly, demonstrating increased investor interest.
Blockchain technology adoption and growth is still ongoing, despite the recent turn of events in the market. The Hedera [HBAR] blockchain is a perfect example of the same, considering its latest developments.
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Hedera managed to secure the top spot on LunarCrush’s Altrank. This was a significant win for HBAR because it managed to outperform 4,479 coins in the market.
This achievement is especially noteworthy because Hedera managed to secure the favorable rating during the same week that the market crashed. In other words, this achievement underscores Hedera’s resilience.
For the second time in a row this week, Hedera Hashgraph has hit AltRank™ 1 out of the top 4,480 coins across the market.
AltRank™ is based on relative combined social + market activity. Price is up +14.751% with 9,947,371 social engagements over the past 24hrs.… pic.twitter.com/HB1gUUe6Mg
— LunarCrush (@LunarCrush) August 19, 2023
As far as social metrics are concerned, most of the market saw a surge in social dominance and social volume as the market crashed. This means the strong social metrics are not just limited to Hedera. Nevertheless, the social dominance and social volume did peak during mid-month.
So, what’s the driving force behind this favorable ranking? Well, it may have something to do with the network’s continued adoption rate. Recent reports revealed that Hyundai and Kia, two South Korean automotive manufacturers, will deploy their CO2 monitoring system on the Hedera network. This may have sustained positive social metrics as opposed to most of its rivals.
Hedera Network Embraced by Hyundai and Kia for Innovation
Hyundai and Kia, two major automakers, have embraced the Hedera network, indicating an increase in blockchain adoption. According to an exciting announcement, Hyundai Motor Company and Kia Corporation have introduced a… pic.twitter.com/eDIOR07R1u
— LG Art Lab (@LGArtLab) August 18, 2023
While these developments have allowed Hedera to secure the spotlight, they also underscored the network’s growth trajectory. The network maintained healthy development activity during the last four weeks. This was particularly the case in the first two weeks of August, during which development activity peaked.
HBAR bulls demonstrate resilience despite recent sell pressure
The mid-week market crash shaved off a substantial amount of value from most crypto projects. This includes HBAR, which tanked by as much as 32% from its $0.077 mid-week peak. But more notably, the price had previously maintained an overall bullish trajectory prior to the recent crash.
This is around the same time that most other top cryptocurrencies moved sideways due to uncertainty-induced low volatility.
How many are 1,10,100 HBARs worth today?
HBAR is still receiving a lot of social attention from investors, perhaps due to excitement from the recent development involving the two South Korean automotive manufacturers. It traded at $0.064 at press time after a 23% bounce back from the weekly lows.
The strong bounce back at press time confirmed that Hedera’s development was still attracting investor interest. As a result, HBAR’s price action was enjoying the benefits.