Hedera’s HBAR token skyrockets by 96% due to a misinterpretation of the BlackRock announcement.

A BlackRock money market fund has been tokenized on the Hedera blockchain, causing a significant surge in the value of the Hedera (HBAR) token. However, it is important to note that BlackRock had no involvement in this move, despite some misconceptions. The HBAR Foundation X post on April 23, shared by the organization behind the Hedera network, announced that Archax and Ownera, blockchain trading and infrastructure firms, had tokenized BlackRock’s ICS US Treasury Fund on the Hedera network. The accompanying video may have led some to believe that BlackRock was directly involved in the partnership with Archax and Ownera, but this was not the case. The post gained widespread attention and misinterpretation, with several influential figures in the crypto community mistakenly believing that BlackRock was responsible for the fund’s move onto the blockchain. Chris O’Connor, the founder of Cardano Ghost Fund DAO, criticized the HBAR Foundation for the way the announcement was presented, emphasizing that BlackRock had no involvement in Hedera’s development. Despite the confusion, the HBAR token experienced a 96% rally in the past 24 hours, reaching a two-year high of $0.175, according to CoinGecko. However, it is worth noting that HBAR is still down over 69% from its all-time high of $0.57 in September 2021. The announcement coincided with the approval by the Hedera Global Governing Council to allocate 4.86 billion HBAR (equivalent to $408 million at the time) for further network development. These funds are part of the HBAR Foundation’s plans to strengthen its user base in 2024, following a successful year in 2023, during which 33 billion transactions were processed on the network.