- Hedera Hashgraph (HBAR) surpasses a landmark 20 billion transactions on its mainnet, doubling from 10 billion in just 100 days.
- Despite this operational high-water mark, HBAR’s price currently hovers at $0.049, in a protracted downward trend.
Transcending Mainnet Milestones Amidst Market Apathy
In an environment where the broader crypto market seems to be navigating through a period of tepid activity, Hedera Hashgraph (HBAR) has achieved something quite remarkable. The decentralized public ledger has clocked 20 billion mainnet transactions, as celebrated in a recent post on X (formerly Twitter). What makes this all the more laudable is the speed at which this milestone was reached. While it took years to reach the first 10 billion transactions, the journey from 10 billion to 20 billion was accomplished in a mere 100 days.
#Hedera: 20 Billion Transactions
1,738 days for the first 10 billion –
100 days for the next 10 billion.
— Hedera (@hedera) September 5, 2023
Understanding “mainnet transactions” is crucial to appreciate this milestone. In the blockchain universe, the term refers to transactions that have been verified and added to the blockchain, thus becoming a permanent part of the ledger. Mainnet transactions are a telling indicator of both network utility and adoption rate.
As per Hedera’s own internal metrics, the network currently executes an impressive 134 million transactions per day and has expanded its total mainnet accounts to over 3.5 million. The robust on-chain metrics don’t end there; Hedera has recently forged partnerships with automotive giants Hyundai and Kia. The enterprise-level endorsements extend further with the support of Hedera-based micro-payments platform Dropp Inc by the Federal Reserve’s payments network, FedNow.
Subdued Price Movement Contrasts Operational Vibrancy
In an intriguing juxtaposition, Hedera’s HBAR token price remains relatively stagnant. At the time of writing, the HBAR is priced at approximately $0.049. Although there has been a minor uptick, increasing 1.7% recently, it still trades well below its weekly peak of $0.056. This seeming contradiction with operational success is a function of the broader market sentiment, which is largely bearish. The larger cryptocurrency landscape—epitomized by Bitcoin’s decline to sub-$26,000 levels—casts a long shadow on altcoins, including HBAR.
Thus, despite the monumental mainnet achievement, the price of HBAR remains subdued. Market sentiment, driven by broader global adoption and potential positive triggers, will play a decisive role in any future upward price mobility. Yet, the inherent risk of a broader market downturn could catalyze a downward price trajectory, potentially revisiting June lows around $0.040.