• Hedera just onboarded Dell as its newest member of the governing council.
• The market reacted positively, but HBAR was still unable to escape its press time range.
• Analyzing the impact, Hedera may benefit from Dell’s technological prowess in the long-term and short-term metrics experienced a large spike.
Hedera Onboards Dell as Governing Council Member
Hedera recently announced that tech giant Dell has joined its governing council, which already includes industry heavyweights such as FIS and Google. Dell’s senior director of technology strategy noted that their involvement reflects the company’s need to be part of ongoing industry growth, and they will be running a Hedera node to facilitate transaction ordering on the blockchain network.
Market Reaction
The market reacted positively to this news, with investors exhibiting excitement through social dominance and sentiment metrics experiencing large spikes in the last 24 hours. Furthermore, HBAR’s on-chain volume saw a sharp uptick in the same amount of time – its largest spike this month so far.
Price Action
As a result of all this activity, HBAR bounced back by roughly 17%, trading at $0.075 at press time. Although it was still unable to break above its January highs despite a solid rally, RSI indicators showed signs of relative weakness.
Benefits for Hedera
Having Dell join their governing council is an overall positive development for Hedera since it provides both long-term and short-term benefits – from potentially gaining access to valuable technological prowess to seeing immediate investor excitement reflected in metrics such as social dominance and sentiment scores increasing significantly within 24 hours.
Conclusion
Overall, while there has been some bullish price action due to Dell’s addition to Hedera’s governing council, HBAR remains below its January highs despite a solid rally. However, given that it has seen higher levels of on-chain volume compared to other weeks this month so far suggests that it may soon break out from its press time range if more investors continue accumulating positions in it over the coming days or weeks ahead.