HBAR rises 100% on news of BlackRock Foundation tokenization

On April 23, 2024, HBAR Foundation, a Hedera blockchain development company, announced the tokenization of the U.S. Treasury Money Market Fund (MMF) from BlackRock. On the back of this news, the HBAR token rose by more than 100%.

The asset was priced at $0.09 the day before, but it rose to $0.18 after the announcement. At the time of publication, HBAR is trading near $0.13, according to TradingView.

HBAR Foundation later said that the news of the BlackRock Foundation tokenization was misinterpreted.

The community probably thought that the developers had struck a deal with an investment firm, which led to the HBAR token's price rally.

Meanwhile, the BlackRock firm was not involved and had nothing to do with the tokenization of MMF. Subsequently, the founder of the decentralized autonomous organization (DAO) Cardano Ghost Fund Chris O'Connor noted that the project simply tokenized the company's shares on the secondary market.

Recall that in June 2023, the developers of the Hedera blockchain integrated the ChatGPT plugin, which allows you to monitor the price of the HBAR token through a chatbot interface.

In addition, in January 2024, representatives of HBAR Foundation and Algorand announced a decentralized cryptocurrency recovery system. For its development, they created the DeRec Alliance.