Hedera (HBAR): Can NFT Growth Make the Alt Prove its Bravery in the Crypto Space?

Hungry Baboon is among Hedera’s top-performing non-fungible tokens. The collection surpassed 10 million in volume within the last two weeks – as of October 29. The NFTs’ official Twitter handle retweeted the narrative.

Hedera’s increasing social engagements and mentions could have propelled this growth. Lunar Crush, a social media analytic site, stated that Hedera’s social mentions increased by 16% within the past week. Moreover, the asset’s social engagements noted a 19.7% upswing (in that timeframe).

Also, Hedera noted growth in weighted sentiment. That shows a positive outlook from the community toward the alternative token. Though Hedera enjoyed positive sentiment and succeeded in its blue-chip NFTs, the alt had some trouble. HBAR’s non-fungible tokens could not rival other blockchains as far as NFT growth is concerned.

Blocked Recovery Road

Data from StockWits NFTs shows Hedera remained a weak rival for other NFT platforms. Moreover, Hedera has a long path before it can compete with leading players within the market. Nevertheless, crypto had some positives for market participants.

HBAR’s volume increased substantially within the previous week. Santiment’s data shows Hedera’s volume skyrocketed to 35 million from 20 million over the last few days. Also, the alternative token maintained upsides in its volume.

Nevertheless, its development activity remained downbeat, plunging in that timeframe, which might materialize against the soaring numbers. Falling development activity as Hedera experience mirror node problems might mean an issue for the crypto.

However, the developers resolved the mirror node issue on October 27. HBAR traded near $0.0605 during this publication, gaining 2.70% within the past day – Coinmarketcap data. Nevertheless, its volume declined by 18.15% in that timeframe.

Also, the crypto’s market cap surged 3.07%, with the alt capturing 0.16% of the overall market by this publication. What are your views about the above content? Will NFTs rescue HBAR? Feel free to comment in the section below.

Leave a Reply

Your email address will not be published. Required fields are marked *