The price of Hedera (HBAR) has started to recover following a seven-day bearish move. The token is currently trading at $0.1 after rebounding from $0.09 three days ago, representing an 11% increase. Price analysis suggests the price still has room to spike more than 20% to around $0.12 before encountering significant resistance.
But what is driving this growth? The answer lies in the increasing activities on the Hedera network.
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More Activities on the Hedera Network
The HBAR Foundation recently highlighted Shinhan Bank’s successful pilot leveraging the Stablecoin Studio to develop the South Korean won (KRW) as a reserve-backed asset on the Hedera network. This pilot followed an earlier proof-of-concept with Hedera Governing Council member and Africa’s largest bank, Standard Bank Group.
The pilot achieved real-time settlement and real-time foreign exchange (FX) rate integration across the Thai Baht (THB), New Taiwan dollar (NTD), and South Korean won (KRW) in a test environment aligned with current production capabilities.
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The Stablecoin Studio leverages both the Hedera Token Service (HTS) and the Hedera Smart Contract Service (HSCS), allowing any EVM-based stablecoin issuers to participate using the framework. By building on the Stablecoin Studio, issuers benefit from the highly scalable nature of the HTS at 10,000 TPS and the additional programmability of the EVM, unlocking an unprecedented degree of stablecoin flexibility and power.
Additionally, the Hedera network and HBAR ecosystem have grown at an astounding rate in 2024, achieving critical adoption milestones as blockchain technology continues to gain institutional utilization.
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Show more +New Council Additions and Consortium Contributions
The Hedera Governing Council, a cornerstone of the network’s unique governance model, has welcomed several new members this year, including Hitachi America, Mondelez, and BitGo. These additions represent leading organizations from various industries, further bolstering the network’s trust and adoption for real-world utility.
Furthermore, the Hedera network has been added to major consortiums, including Blockchain4Energy, OpenSSF by Linux, and the Digital Euro Association. For instance, the Blockchain4Energy consortium recently launched B4ECarbon alongside Enovate AI, aiming to provide the industry’s inaugural comprehensive emissions management solution leveraging blockchain, AI, and the Internet of Things (IoT).
B4ECarbon’s proprietary digital Measurement, Reporting, and Verification (dMRV) tool is directly built on Hedera, serving as the core infrastructure for tracking emissions data through the immutability of distributed ledger technology.
With the increased activities, adoption on the Hedera network, and positive price action, HBAR crypto price still has room to spike more than 20% to around $0.12 before encountering significant resistance. The network’s growing ecosystem and institutional partnerships continue to drive its momentum in the crypto market.
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