• The Hedera Hashgraph team spoke to the U.S. delegation about the blockchain ecosystem.
• Clampdown on the ecosystem remains constant but the HBAR’s price increased.

Hedera [HBAR], the decentralized enterprise-grade public network got an opportunity to discuss the idea behind its project at a U.S. Department of state meeting.

The event, which covered private sector discussions, offered Hedera the chance to explain how decentralized projects help some of the country’s objectives.

1/3 Today at @POTUS’ #SummitForDemocracy, #Hedera has made a commitment to convene a democracy roundtable on how #blockchain technologies can and are supporting human rights, #transparency, and #sustainability through #DLT-enabled applications.https://t.co/pyrGjXt0if

— Hedera (@hedera) March 29, 2023

Realistic or not, here’s HBAR’s market cap in BTC terms

A dive into the world of the untamed 

Created by Hedera Hashgraph LLC, a cryptography firm in the United States, the Hedera public network facilitates the use of smart contracts to validate transactions and reduce data manipulation.

This, and details about the usability of the Distributed Ledger Technology (DLT) were the talking point shared by the project.

However, it is necessary to point out that the address does not immediately translate to the country’s slowdown on the crypto clampdown.

For some time, the United States, led by its Securities and Exchange Commission (SEC) has shown disdain toward crypto firms, and several existing tokens.

This same conflicting position has driven the case with Ripple [XRP] to escape resolution for over two years. World’s largest exchange Binance has not been left out. And Ethereum [ETH], a token that has existed for eight years has been tagged security by the Gary Gensler-led administration.

Therefore, it is highly unlikely that the solution Hedera has extended would quench the year-long hunt. In fact, it has worsened to the point that the SEC Chairman requested more funds to continue its “oversight”.

In his testimony before the U.S. Financial Services Committee, Gensler had asked for $2.43 billion to further the commission’s activities in 2024.

Although his statement largely avoided a direct attack on crypto, he was not unable to label the ecosystem as “non-compliant.”

HBAR rises

However, the broader market seemed unperturbed by Gensler’s gimmicks. On 29 March, Bitcoin [BTC] momentarily tapped $29,000. However, the coin has been able to sustain its value above $28,000 ever since.

Is your portfolio green? Check the Hedera Profit Calculator

Hedera’s involvement with the authorities was surely not expected to affect its growth. But the token has been able to upturn its initial seven-day deficit. At press time, HBAR exchanged hands at $0.064, bringing its 24-hour performance to a 3.38% uptick.

According to CoinMarketCap, the trading volume within the same period increased by 164%. The volume measures the aggregate amount of transitions that occurred within a network.

Hence, the hike simply means that an increased number of HBAR tokens have been bought and sold irrespective of gains made or losses incurred.

• Shibarium testnet achieves significant milestones with over 100,000 transactions on Puppynet and 190,000 transactions in total.
• Despite a recent downtrend, the potential for ShibaSwap BONE to gain traction with the upcoming mainnet launch remains high.

Despite an initial setback, the Shibarium has impressively maintained its momentum, raising hopes for the utility of BONE. Thanks to the correction of its chain ID and updated documentation, transactions on the blockchain have been steadily flowing.

Recently, the Shibarium has achieved a significant milestone in its daily transactions, signaling its continued success.

Read ShibaSwap (BONE) Price Predictions 2023-24

Shibarium wallets and transactions on the rise

A recent post highlighted some impressive data from the Shibarium testnet, revealing significant milestones achieved by the network.

According to Puppyscan.io, on 28 March, the network witnessed a remarkable 100,000+ transactions on Puppynet alone.

In addition, the number of wallets currently testing the network has now exceeded 100,000, with a current count of 108,577. The total number of transactions performed on the network has surpassed 190,000, indicating a strong and active community behind the Shibarium.

MVRV and price shows a BONE loss

The native token of the Shibarium network, ShibaSwap BONE, has not been idle either. Unfortunately, over the past few days, the token has been experiencing a downtrend on a daily timeframe.

At press time, BONE was trading at approximately $1.05, reflecting a loss of over 1%. The Relative Strength Index was below 32, indicating that the token was caught in a bear trend. 

Furthermore, the 30-day Market Value to Realized Value ratio indicated that BONE holders were experiencing a loss, at press time. The ratio for the token had fallen below zero, sitting at -18.73%, at the time of writing. 

BONE speaks volume

Despite the recent downtrend and loss experienced by BONE holders, the volume metric for the token painted a slightly different picture.

Since the beginning of the year, BONE has seen increased trading activity, as reflected in its volume metrics. Although its highest volume of over 60 million occurred on 16 March, the token has continued to attract consistent trading volumes throughout the year. At the time of writing, BONE’s volume was almost five million.

In addition to its trading and volume metrics, the social volume for BONE has also seen some notable activity. Similar to the volume metric, there has been a consistent increase in social activity surrounding BONE since the beginning of the year.

However, in recent days, the social volume has witnessed a slight drop. As of this writing, the metric stood at 77, reflecting decreased social activity. 

Is your portfolio green? Check out the Bone Profit Calculator

Given the recent increase in activity witnessed by the Shibarium testnet, there is a strong potential for BONE to gain more traction in the market.

With its active community and consistent trading volume, the token is positioned to benefit from the mainnet launch, potentially leading to a significant breakout.

Despite the current downtrend experienced by the token, the strong fundamentals of the Shibarium network and its growing user base suggest that there is still considerable room for growth and potential for BONE.

• The AVAX bullish sentiment has decreased after an impressive all-round performance in March.
• The Avalanche blockchain experienced a great deal of NFT volume and stablecoin supply.

Having dominated other cryptocurrencies in the market, price, and social activity, Avalanche [AVAX] was one of the best performers in March.

But this outmatch did not only begin in the third month. In terms of price, AVAX has been able to dominate the second-ranked asset in market cap Ethereum [ETH] in the last 90 days. While ETH boasted of a 50% hike, AVAX put up a 60.30% increase in the first quarter.

Realistic or not, here’s AVAX’s market cap in ETH’s terms

As the day goes by, the influence reduces

Although LunarCrush ranked listed the token of the layer one (L1) blockchain as one of the top assets with the best traction, its current condition may call for wariness as next month approaches.

First off, the social intelligence platform revealed that social contribution in relation to the asset has decreased by 79.9% in the last seven days as shown below.

The metric shows the tally of the number of unique people discussing an asset in real time. Since the value had secretly diminished, it implied that the velocity of AVAX social interaction was down and traction trended lower.

Another metric that has dwindled over the same period is the bullish sentiment. The metric specifically considers shared perception about an asset. Although the bullish sentiment rose over the last 24 hours, the seven-day performance was a 66.95% decline.

Despite having the support of Bankless co-founder who posted severally about the token, AVAX’s acumen moved downwards. Due to these backtracks, its alt rank position which puts market volume perspective into consideration budged 44 places.

Big strides and a “March” toward confidence

In terms of Non-Fungible Tokens (NFTs) sales, Santiment revealed that collectibles linked to the blockchain had several good days. As revealed by the on-chain tracking tent, sales volume reached eight figures on several occasions with a 30-day high of 16.95 million.

This means that NFT traders turned their attention toward AVAX assets. However, the volume appeared to have decreased at press time. Away from drawdowns, whales seem to be making efforts to help keep up the AVAX performance in April with stablecoin input.

How much are 1,10,100 AVAXs worth today?

Evidently, the stablecoin market has been hit with challenges as Circle [USDC], and Binance USD [BUSD] market caps were underwater. However, whales’ stablecoin supply for the token has been increasing since 14 March. At press time, the supply percentage was 50.65.

A testament to this action would be the conviction that investment in AVAX could be worthwhile. However, it was uncertain whether the supply increment was for the short or long term.