Messari says that Hedera performed in the third quarter of this year despite the market conditions and is experiencing unprecedented growth.
DefiLlama claims that the protocol’s TVL increased by an impressive 137%. For comparison, Hedera’s quarterly network expansion occurred during a period when other networks were contracting.
The quarterly report helped the country increase its native coin’s value HBAR. It also assisted in this process over the past few hours.
HBAR trades at $0.05 as of the time this article was written.0.0.060236, an increase of 3.7% in the seven-day period, according to data from Coingecko, Wednesday.
Based on data, we can see that while HBAR’s value decreased on weekly and biweekly timescales, these losses are totally wiped out when looking at the cryptocurrency’s price over a 24-hour period or an entire month. This bodes well for the network’s investor confidence.
Hedera On Solid Footing
Investors and dealers were impressed by the network’s rapid expansion because it ran counter to the existing bear market trend. Hedera did not see any user decreases in comparable networks during this quarter.
The report states that the network’s weekly active user base increased from 7,598 in Q2 to 14,601 in Q3. The metric grew by 92.2%. There are more positive signs of growth.
HBAR’s transfer volumes and overall network fees have also increased. HBAR’s overall transfer volume was up from 42,623,168,658 in Q2 to 53,523,008,558 in Q3, which is a total increase of 25.6%.
Chart by TradingView
Between Q2 and Q3, the total fees for network services increased by around 543%. NFTs led the network’s expansion shift. The report states:
“The Hedera NFT sector (a component of the Hedera Token Service) has been an engine of growth for the network. During Q3, NFT active users (+90% QoQ) and transactions (+107% QoQ) each set all-time-highs.”
How to Prepare for HBAR
Hedera is a network that does not have the same NFT market dominance as Solana and Ethereum, but it could be a major player in the future if the expansion continues.
The pattern of descending triangles is the price movement for HBAR. Investors and traders might interpret this as a bullish sign because the price fluctuated in between $0.0556 and $0.0671.
The coin has the potential to breakout bullishly because of this narrow range.
The positive outcomes of the token will undoubtedly attract investors to it, leading to a price rise.
Featured Image from The Daily Hodl. Chart: TradingView.com| Featured image from The Daily Hodl, Chart: TradingView.com Disclaimer: This analysis was based solely on the author's knowledge. It should not be taken as investment advice.