Hedera’s HBAR token pumps 96% on misinterpreted BlackRock announcement
A BlackRock money market fund has been tokenized on the Hedera blockchain sending the Hedera ( HBAR ) token on a 96% rally in the last 24 hours — but the world’s largest asset manager had nothing to do with the move on-chain despite many believing it did.
A widely misinterpreted April 23 HBAR Foundation X post — the organization behind the Hedera network — shared that blockchain trading and infrastructure firms Archax and Ownera tokenized BlackRock’s ICS US Treasury Fund on its network.
The video shared with the announcement seemed to suggest Ownera, Archax, and BlackRock were partnered on the venture and HBAR claimed it was “bringing the world’s largest asset manager on-chain.”
Some crypto influencers with large X followings shared a misinterpretation of the post — which had amassed over 1.6 million views and 2,700 reposts over the last 15 hours — believing it to mean BlackRock was responsible for the $22.3 billion fund’s move onto the blockchain or had partnered with Archax and Ownera.
Source: Mason VersluisCardano Ghost Fund DAO founder Chris O’Connor stressed that BlackRock had “no involvement” with Hedera’s development and slammed the HBAR Foundation for the way it framed the announcement.
“What did happen was a HBAR project through the secondary market tokenized shares of a BlackRock fund. Much like I can buy a Rolex take a pic and post it on my X account. Doesn’t mean Rolex ‘partnered’ with me.”
Related: Envision partners with HBAR and UN on new digitization platform for carbon markets
HBAR’s 96% rally in the past day has pushed its price to $0.175 — a two-year high, according to CoinGecko.
HBAR’s price over the last three months. Source: CoinGeckoDespite the price pump, HBAR is still down over 69% from its September 2021 all-time high of $0.57.
The announcement came as the Hedera Global Governing Council — which oversees the Hedera network — recently approved allocating 4.86 billion HBAR ($408 million at the time) for further network development.
The funds are part of the HBAR Foundation’s plans to strengthen its user base in 2024, following 2023’s performance, which saw 33 billion transactions processed on the network, the foundation claims.
Magazine: Is measuring blockchain transactions per second (TPS) stupid in 2024? Big Questions
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
23,285 ETH transferred out from BTCTurk exchange
Pump Science: Token Economics Design Completed
ORDI falls below $27
Shiba Inu Advances with Strong Whale Action and Bullish Expectations