- The Hedera network takes pride in over 40 decentralized applications deployed on the mainnet.
- The HBAR is significantly bolstered by the over $140 million raised in capital to support the developers in its ecosystem.
The Hedera network (HBAR) – a decentralized public network governed by the likes of Avery Dennison, Boeing, Deutsche Telekom, Google, IBM, and LG Electronics – has received a bullish rating from popular pseudonymous analyst Credibull Crypto. Replying to a distressed HBAR investor, CrediBull highlighted that now is the best time to start investing in Hedera through a dollar-cost averaging strategy.
The pseudonymous crypto trader with over 330k Twitter followers thinks HBAR is getting negative criticism on its tokenomics due to the ongoing bear market. Notably, HBAR price is down approximately 93 percent since hitting ATH of $0.569 in September 2021.
“It’s not really an issue imo. People just want to rationalize the bearish PA and because they can’t argue against its fundamentals “bad tokenomics” is an easy alternative to shift the blame to. When we begin pumping again that argument wont stands either,” the analyst noted.
The Hedera network has a market capitalization of approximately $986,027,217 with a 24-hour trading volume of about $16.7 million. However, some HBAR investors are complaining about the huge total supply of 50 billion tokens with half in the circulating supply.
Absolutely. We’ve retraced back to the origin of the last move from which we ran 12x after a near 12 month consolidation. If you’re bullish on $HBAR it’s a great time to be DCA’ing imo. https://t.co/kT4twuwDzA pic.twitter.com/KeRaULNbQU
— CrediBULL Crypto (@CredibleCrypto) January 2, 2023
A closer look at Hedera (HBAR) market outlook
The Hedera network takes pride in over 40 decentralized applications deployed on the mainnet. Additionally, the HBAR is significantly bolstered by the over $140 million raised in capital to support the developers in its ecosystem.
Launched in 2018, the Hedera brand has attracted worldwide recognition through crypto exchanges’ listings. Notably, HBAR is listed for trading on Crypto.com, XT.COM, Hotbit, and OKX. Additionally, the Hedera ecosystem has inked several partnerships in 2022 to guarantee a bull market in the near future.
“Hedera has issued grants to more than 150 projects that are currently building on Hedera layer 1 hashgraphs. Regardless of external conditions, companies will continue to adopt and leverage this nascent technology and industry. Hedera continues to show promise as an industry-leading hashgraph solution,” LG art Lab noted.
Notably, the partnership between Hedera and LG art Lab is meant to ensure the latter facilitates NFT distribution. In the past 24 hours, Hedera’s Hungry Barboons NFTs recorded a traded volume of approximately $4.3k.
NFT rankings today!🥇🥈🥉 pic.twitter.com/3ozDSjH0H2
— Stocktwits NFTs (@StocktwitsNFTs) January 2, 2023
According to aggregate data provided by DefiLlama, the Hedera network has a total value locked (TVL) of approximately $24.65 million, with top projects including SaucerSwap, HeliSwap, and Bubbleswap, among others.
Having such statistics in a year-long bear market, analysts are optimistic the HBAR price will rise exponentially during the next crypto bull market. Furthermore, the Hedera network has the potential to be adopted by mainstream worldwide crypto users.
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