2024-2-20 22:16 |
Hedera Hashgraph’s (HBAR) price has gone parabolic in the past few days as investors cheer the strength of the SaucerSwap DEX platform. HBAR has risen in the past five straight days and reached its highest point since May 2022.
There are four main reasons why Hedera Hashgraph has done well lately. First, there are signs that its ecosystem is making progress as it plugs the gap with other popular blockchains. SaucerSwap, the biggest Decentralised Exchange (DEX) in the ecosystem, has seen the Total Value Locked (TVL) surge to a record high of over $127 million.
SaucerSwap’s TVL has risen by over 73% in the past 30 days. Most notably, the TVL has also risen in HBAR terms. It stands at 1.41 billion HBARs, much higher than 551 million where it started the year at. This is a sign that the network is gaining market share in the industry.
Data by CoinMarketCap shows that more people are trading on SaucerSwap. Its 24-hour volume stood at over $2.5 million and the number has been rising. Still, SaucerSwap is significantly smaller than other DEX platforms like Orca. Jupiter, Uniswap, and dYdX.
Second, Hedera Hashgraph price has surged because of its increased popularity in social media platforms like Twitter and StockTwits. HBAR has been one of the most discussed tokens in StockTwits, as shown below.
Third, Hedera Hashgraph’s rally is because of the recent additions to its governance council. A few weeks ago, we wrote that Hitachi US had joined the council. And most recently, Mondelez, the maker of Oreo cookies became the latest addition to the council.
These companies join other companies like Google, LG, Ubisoft, Zain, Worldpay, and Standard Bank in the council. This means that these firms will likely select Hedera as their blockchain of choice soon.
Finally, there are signs that the HBAR token is gaining market share in the futures market. Data shows that the open interest in the futures industry jumped to over $52 million in the past 24 hours, its highest point since August 18th of last year. Most of this interest is coming from Binance followed by Bybit and OKX. In most cases, crypto tokens tend to jump as open interest rises.
Hedera Hashgraph futures open interest
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