Every now and then, I review some of the most talked-about cryptocurrencies. I share an analysis of all you need to know to help you with your investment decisions. If you want me to do an analysis on any crypto of your choice, let me know in the comment section below.

Today, I am writing an analysis of Hedera and it's $HBAR token. Hedera recently launched a ChatGPT Plugin, a tool that is useful for developers on the network and the general community at large.

You need no introduction to ChatGPT. But just in case you do, ChatGPT is an AI language model designed to make certain tasks easier, learn, and be able to make decisions. Hedera, on the other hand, is a blockchain network. It is open source and has had almost 3 million addresses since the mainnet's launch.

What Does The ChatGPT Plugin For Hedera Do?

On Friday, June 23, 2023, Ed Maquez, a developer at Hedera, tweeted news of this new plugin. With regards to the use case of the plugin, he said: "This will be useful for those who want to tap into the power of #AI with #blockchain "

With your wallet connected to the plugin, you will be able to see your HBAR balance. You will be able to ask ChatGPT questions about HBAR and your balances. The entire idea is to combine the power of AI and blockchain for the benefit of users

HBAR Price: Analysis

HBAR is currently trading at $0.052 per coin. The market cap is $1.64 billion, according to stats from Coingecko. The statistics on their website show that there have been 2,861,466 mainnet accounts created. In the last 24 hours, there have been 118,894,063 transactions with an average cost of $0.001

How does this compare with other top chains? Using data from Token Terminal, let's see the average number of users per month on all major chains.

Top 7 chains by number of users:

  • 1: BNB Chain: 780K

  • 2: Polygon: 453.2K

  • 3: Ethereum, 356.9K

  • 4: Solana, 166.8K

  • 5: Fantom, 64.0K

  • 6: Optimism: 55.9K

  • 7: Arbitrum, 49.6K

Using the data from the token terminal, Hedera has less than 10,000 active users monthly. This suggests not so many people use the chain at the moment.

Will HBAR Make a new ATH And Smash $0.56?

The ATH for HBAR is 10 times the current market price. At first glance, you could say it's possible. On second thought, however, you might have a different opinion.

A look at stats from Coingecko shows the following, as of June 25, 2023:

  • Market Cap: $1.64 billion

  • Market price: $0.052

  • Total supply: 50 billion

  • Circulating supply: 31.8 billion

  • ATH: $0.56

  • ATL: $0.0098

With 31.8 billion tokens in circulation, an HBAR ATH will put the market cap at $17.8 billion. For context, that will be higher than DOGE, SOL, ADA, and TRX. In truth, it doesn't appear to be realistic. When HBAR made it's last ATH, there were much fewer tokens in circulation.

What's The Conclusion?

The plugin released for use with ChatGPT is cool, and many will find it useful. However, the current state of the market as well as the large supply of HBAR suggest that we may never see an HBAR ATH again, unless a miracle happens.

Whatever the case, this is only my opinion, and you should do further research if you intend to hold HBAR for the long term. I do think the HBAR price will move up at some point; I'm just not sure when. Be sure to trade based on your personal circumstances and your risk tolerance.

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