đ„ Hedera’s HBAR token pumps 96% on misinterpreted BlackRock announcement đ„
A widely misinterpreted announcement from the HBAR Foundation has sparked confusion among crypto influencers and sent the price of HBAR token soaring.
Shares of a BlackRock money market fund have been tokenized on the Hedera blockchain sending the Hedera
HBAR
$0.11
token on a 96% rally in the last 24 hours â but the worldâs largest asset manager confirmed it has no relationship with Hedera despite many believing it was actively involved.
The widely misinterpreted April 23 HBAR Foundation X post â an organization working with the Hedera community â shared that blockchain trading and infrastructure firms Archax and Ownera tokenized BlackRockâs 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 âbringing the worldâs largest asset manager on-chain.â
A BlackRock spokesperson confirmed to Cointelegraph it âhas no commercial relationship with Hedera nor has BlackRock selected Hedera to tokenize any BlackRock funds.â
"As we have in the past, BlackRock will communicate directly with the public on the evolution of our digital asset strategy,â the spokesperson added.
Some crypto influencers with large X followings shared a misinterpretation of the post â which had amassed over 1.6 million views and 2,700 reposts over the last 15 hours â believing it to mean BlackRock was responsible for the $22.3 billion fundâs move onto the blockchain or had partnered with Archax and Ownera.
Cardano Ghost Fund DAO founder Chris OâConnor posted that BlackRock had âno involvementâ with Hederaâs development and slammed the HBAR Foundation for the way it framed the announcement.
âWhat 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. Doesnât mean Rolex âpartneredâ with me.â
Archax co-founder and CEO Graham Rodford replied to OâConnor, saying âit was indeed an Archax choice to put [BlackRocks fund] on Hederaâ and added that âeveryone involved was aware.â
HBARâs 96% rally in the past day has pushed its price to $0.175 â a two-year high, according to CoinGecko.
Despite 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 â which oversees the Hedera network â recently approved allocating 4.86 billion HBAR ($408 million at the time) for further network development.
The funds are part of the HBAR Foundationâs plans to strengthen its user base in 2024, following 2023âs performance, which saw 33 billion transactions processed on the network, the foundation claims.
https://cointelegraph.com/news/hederas-hbar-token-pumps-nearly-one-hundred-percent-misinterpreted-blackrock-announcement