Can Hedera’s NFT Growth Make HBAR Prove Its Strength in the Crypto Market

HbarAnd the hydra nets local cryptocurrencySome positive growth over the past seven days. However, Grid had more to offer. In addition to the HBAR price, blue chip NFTs have also seen some growth in recent days.

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Here AMBCryptos Hedera Price Forecast [HBAR] For 2022-2023

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Baboons are hungry for more

One of Hedera’s best performing NFTs hungry monkey It recently surpassed 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 group.

One of the reasons for this growth may be honorGrowing social signals and sharing. According to a social media analytics company LunarCrushThe number of social mentions for Hedera is up 16% in the past week. The number of social interactions also increased by 19.7% during the cited period.

Not only that, but the weighted feeling around Hedera also grew. This indicates that the general view of the crypto community for HBAR has turned positive.

Source: feeling

But despite the success of some of the leadership NFTs and the growing positive sentiments of honor, there was a problem. HBAR’s NFT has failed to compete with other blockchains in terms of NFT growth.

Barrier on the road to recovery

As shown in the image below, honor It still does not qualify as a strong contender for other NFT groups. On the contrary, HBAR’s NFT Group had a long way to go before it could compete with the major players in the market.

Source: StockWit’s NFT

Additionally, there were other pluses that could be taken into consideration as well. Hedera has increased significantly in volume in the past week. As seen below, Hedera’s volume has gone from 20 million to 35 million in just a few days.

Besides volume, HBAR’s market capitalization has also continued to grow. 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 midst of Honor the mirror knot problem It can be considered a problem. But the problem with The mirror knot issue has been resolved On October 27.

Source: feeling

At the time of writing, HBAR is trading at $0.0605 and is up 2.70% in the last 24 hours according to CoinMarketCap. However, its volume decreased by 18.15% over the same time period. Its market capitalization has also increased by 3.07%, and at the time of writing, HBAR . has increased caught 0.16% of the entire crypto market.

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