Hedra’s NFT growth have HBAR showing its spirit in the crypto industry

31 October 2022

in Meta News

Reading Time: 2 mins read

The native crypto of Hedera, HBAR, has seen some productive rise in the last one week. Although, the network had much to offer.
Adding more to the HBAR’s price, its blue chip NFTs also saw some rise in the last few days.

Hungry Baboons is among Hedera’s top performing NFTs, newly surpassing 10 million with respect to the volume in the last two weeks, as of yesterday. The post was retweeted by the official Twitter handle of the NFT collection.

One of the factors for this rise can be increasing social mentions and occupancy of Hedera. In line with LunarCrush, a social media research company, the amount of social mentions for the company increased by 16% in the past week. Moreover, the amount of social occupancy increased by 19.7% in the abovementioned duration.

It not only stops on that, but the lauded sentiment over Hedera also increased. This showed that the complete outlook of the crypto community for HBAR was getting productive.

Although, after the success of few blue chip NFTs and a growing positive attitude for Hedera, there was an issue. The NFTs of HBAR were unsuccessful in beating other blockchains with respect to their NFT growth.

The ups and downs

Hedera does not stand as a strong competition for other NFT stocks. Instead of this, HBAR’s NFT collection has a mile to cover before it can give a tough competition to vital players in the market.

Furthermore, there were many other points in a productive way that can be acknowledged also. The volume of the platform increased vitally in the last week. The volume of the platform went to 35 million from 20 million in the duration of a few days.

The market capitalization of the platform also grew significantly. Although, the company’s enhancement activity carried on to collapse in that same period, which can play against the increasing amounts.

A collapsing development activity in between Hedera’s mirror node problems can be recognized as an issue. Although, the problem with the mirror node problem was sorted on 27 October.

At the press time, HBAR was trading at $0.605 and had grown by 2.70% in the past day as per the CoinMarketCap. However, its volume decreased by 18.15% in that very span. Its market capitalization was increased by 3.07% also, and at the time of writing, HBAR has acquired about 0.16% of the whole crypto market.