HBAR Surges 90% After Confusing Announcement from HBAR Foundation

HBAR, the native token of the Hedera blockchain, experienced a surge of 90% after a recent announcement from the HBAR Foundation caused confusion among crypto influencers.

A BlackRock money market fund was tokenized on the Hedera blockchain, leading to a 94% increase in the value of the Hedera token within 24 hours. However, it is important to note that BlackRock was not directly involved in this on-chain movement.

In an April 23 post by the HBAR Foundation X, it was mentioned that blockchain trading and infrastructure firms Archax and Ownera tokenized BlackRock’s ICS US Treasury Fund on the Hedera platform.

Despite the video accompanying the announcement giving the impression of a collaboration between Ownera, Archax, and BlackRock, it was clarified that BlackRock was not part of this initiative.

Archax, a London-based digital asset exchange, broker, and custodian, collaborated with the HBAR Foundation and Ownera to bring the MMF to Hedera.

Chris O’Connor, founder of the Cardano Ghost Fund DAO, emphasized that BlackRock had no direct involvement in the Hedera project and criticized the HBAR Foundation for framing the announcement in a misleading manner.

At the time of writing, the Hedera token was trading at $0.1415, showing a 60% increase in the last 24 hours with a trading volume of $2.76 billion.

The Hedera Global Governing Council recently approved funding of 4.86 billion HBAR for future network expansion, indicating growth plans for the user base in 2024 following the network’s performance in 2023.

This latest development highlights the dynamic nature of the cryptocurrency market and the potential for growth and innovation within the industry.