Hedera Price Surges on Stablecoin Activity and Bullish Crossover

Hedera's price has experienced a significant surge in recent days, rising by over 8% this week. This increase can be attributed to an uptick in stablecoin supply on the network, with data from DeFiLlama showing a nearly 17% surge in stablecoin supply over the past seven days.

The majority of this stablecoin supply is comprised of USDC, accounting for approximately 99.8% of the total supply. This increase in stablecoin supply suggests that more users are transacting, deploying capital, or seeking yield on the network, which can support retail sentiment.

Additionally, demand from derivative traders has also contributed to Hedera's price rally. The token's futures open interest has increased by 3% in the past 24 hours, while its weighted funding rate has turned positive.