BlackRock’s Tokenized Fund News Sends Hedera (HBAR) Soaring 100%, The Reason May Surprise You
Summary
HBAR, the native token of Hedera, surged over 100% due to expectations of collaboration with BlackRock's tokenized fund, BUIDL. However, BUIDL operates on Ethereum, not directly on Hedera. Archax, a company linked to ABRDN Investments, tokenized the BlackRock fund on Hedera without direct involvement from BlackRock. The surge in HBAR's price was followed by a retracement, but it remains up 8% in the past 24 hours and 60% in the past seven days. Trading volume for HBAR has surged by over 1,100%, reflecting the confusion sparked by the initial news.
