Hedera celebrates yet another milestone as HBAR embarks on recovery

ambcrypto.com:

It is always interesting to see how blockchain projects fair when the markets are down. Some such as Hedera [HBAR] seem to disregard the bearish market conditions by maintaining healthy network activity.

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Hedera is already seeing benefits from its focus on growth, especially now that the market is in a bullish recovery phase. The network just announced that it crossed the 12 billion transaction milestone. An impressive feat that underscores the continued focus on growth.

— Hedera (@hedera) June 22, 2023

The above observation is important especially for Hedera fans wondering about the fate of the network. This is because it has been overshadowed by other top blockchain networks, but the new milestone confirms that Hedera is still enjoying healthy growth.

On-chain data revealed that Hedera maintained healthy development activity since the start of June. Thus, offering more reassurance to investors regarding the state of the network. Despite this, the weighted sentiment metric has only recovered slightly from its lowest level in the last 4 weeks.

The lack of proper stimulation in the weighted sentiment confirms that investor sentiment is still low. Perhaps a sign that investors are not so confident in Hedera’s native cryptocurrency, HBAR. An observation that was also apparent in the derivatives segment during the middle of the week.

The Binance funding rate demonstrated a preference for negative funding rates during the aforementioned period. However, the funding rate has increased in the last 24 hours.

HBAR still managed to achieve a sharp bounce back in the last 7 days