- HBAR will see a total of 6.28% of its total supply unlocked on March 1st.
- The price of HBAR has been falling for the past three days.
There has been a slight drop in the value of the Hedera Hashgraph token (HBAR) over the past few days, but it hasn’t been catastrophic.
Additionally, in a recent post, Token Unlocks hinted at pending unlock events that the token was going to see soon. Now the question is – What percentage do we expect to unlock and can this have an effect on the value of the HBAR token?
🚨 $260 million on the way 🚨
At 2 a.m. (UTC) on March 1, 3.14 million from $HBAR or 6.28% of total supply will be unlocked 🔓https://t.co/DDnr81ruLH
Learn more about $HBAR 🧵?
-OVERVIEW
– Founders
-Patent
-Comparison
– Tokenomiy
– Unlocking
-Conclusion1/18 pic.twitter.com/A6F0zrEQca
— Token Unlock (@Token_Unlocks) February 22, 2023
Read Hedera [HBAR] Price Forecast 2023-24
HBAR set for more circulation
Token Unlocks revealed in a post on February 22nd that Hedera Hashgraph (HBAR) will unlock 6.28% of its supply on March 1st.
Ecosystem and open source development was expected to make up 4.50% of the unlock, according to unlock program information.
Also, purchase agreements, network governance and operations were expected to consume 0.67% and 1.11% of the unlock, respectively.
Source: Token Unlocks
According to CoinMarketCap, the current circulating supply of Hedera was 26 billion. According to data from Token Unlocks, 50.61% of the total supply has been made available, but 49.39% of tokens were still locked.
Therefore, the volume of locked tokens will further decrease and the volume of circulating supply will increase from the unlock event on March 1st.
HABAR is in freefall but maintains support
A daily time frame analysis of the Hedera Token (HBAR) price movement revealed that it had been bearish over the previous four days.
Although the drop was insignificant, as of this writing, it has lost about 6.07% of its value. At the time of publication, it was trading around 0.082% and managed to hold on to a support level between $0.080 and $0.075.
Source: TradingView
Additionally, its Relative Strength Index showed that it was still in an uptrend despite its (RSI) price decline. At the time of writing, the RSI line was still above the neutral line, indicating a persistent uptrend.
The long and short moving averages (blue and yellow lines) also served as support levels for Hedera.
Volume is low as development activity remains steady
Hedera (HBAR) has no notable activities, according to the volume measure at Santiment.
Volume was low for the most part, except for a few days in February when there was a slight increase. As of this writing, 44.2 million were observed in the volume count.
Source: Santiment
The growth of the Hedera network continued despite its overwhelming price movement. The Growth Activity indicator visible on Santiment revealed that there was no indication of a decline. The measure was 119 at the time of writing.
Source: Santiment
How much is 1,10,100 HBAR worth today
Unlock to affect HBAR?
Almost 6% of the available HBAR tokens will be released, which may have little effect on the price of the token.
In addition, the observed distribution chart shows that the released tokens may simultaneously take some time on the trading platforms. This means that the value of the token may not change appreciably.