HBAR bags a massive gain that gets credited to misinterpretation

A gain in the value of a crypto is always exciting, except for the time when it gets credited to the way an announcement has been interpreted. The HBAR Foundation recently announced that Archax and Ownera were tokenizing BlackRock’s ICS US Treasury Fund on the native network.  But, that soon got misinterpreted to highlight that they were all coming together to bring the largest asset manager on-chain.

One thing led to another, and the misinterpreted reports gained traction.This reached the point where it had 1.6 million views and 2,700 reposts in a 15-hour time window. Although the community may have been at fault, the Foundation’s presentation of the announcement misled everyone into believing it. Crypto influencers with a large following on X shared that information. Hence, an effect was only obvious in the value of HBAR.

According to reports, it surged by almost 96% within 24 hours of its arrival.

Chris O’Connor, the founder of Cardano Ghost Fund DAO, slammed the HBAR Foundation for drafting their announcement in a manner that could be misinterpreted. Chris cleared the air around rumors by saying that the HBAR project tokenized shares of a BlackRock fund through a secondary market, pretty much like one can buy Rolex and post a picture of it on X without having to partner with the brand.

This means that the Foundation and BlackRock did cook up some rice, but it was only to tokenize BlackRock’s funds and not bring the asset manager on-chain.

This followed the approval of allocating 4.86 billion HBAR tokens for the native network’s development. As a point of reference, the current value of a single HBAR token is $0.1344. The 96% increase took HBAR to $0.175, reflecting a high in the last 2 years. It was still lower than the ATH of $0.57, which was registered in September 2021. In terms of funding allocation, the goal is to increase the community’s user base by 2024. This strategy is built on the success that the Foundation noticed in the previous year, that is 2023, when 33 billion transactions were processed on the network. This is per the claims made by the HBAR Foundation.

HBAR has now increased by 52.11% in the last 24 hours and is listed at $0.1344 as the article is being drafted. HBAR price prediction estimates that HBAR could sustain the current momentum by the end of this year. Or, it could decline as low as $0.129.

The decade-end trajectory ends at $0.592; needless to say, this is merely a predicted estimate with actual figures varying in real-time. The Cardano Ghost Fund DAO has provided a clear understanding of the HBAR Foundation’s announcement. One can expect prices to enter a correction before they get back on track.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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