The coin jumped 47% in just 24 hours, peaking at $0.253 before settling at $0.250.
This rally extended HBAR’s gains for the month to an astonishing 450%, giving the token a market cap of $9.65 billion. So, what’s behind this hot streak?
Whale Activity and Big Rumors
HBAR’s rise has been fueled by the growing buzz around its ecosystem and major whale accumulation. Accounts holding between 100,000 and 100 million HBAR have surged. According to HederaWatch, large holders with 100 million tokens jumped over 20% since August.
Speculation about Hedera’s role in federal payment systems has also stoked the fire. Hedera’s integration with the Federal Reserve’s FedNow payment network, through Dropp, allows real-time and secure transactions. This big leap into the payment space has caught everyone’s attention.
BREAKING: $HBAR SUPPLY SHOCK as whales are growing at a record slope.
All time high is inevitable. Expecting it this week.
Not a single whale has moved funds to exchanges.
They are only buying more and moving to cold storage. pic.twitter.com/Mls75p4Pqo
— Shawn (@oroogle) December 3, 2024
Adding fuel to the rumor mill is chatter about Ripple. Word on the street is that Hedera may expand its integration to work with Ripple’s upcoming RLUSD stablecoin. If true, it could create an important link between HBAR and XRP, helping the two work together on global standards for digital currencies like CBDCs and stablecoins.
ETF Buzz
HBAR fans are also excited about a potential Hedera-focused exchange-traded fund (ETF). Canary Capital recently filed for this ETF with the U.S. SEC. With changes possibly coming to SEC leadership, some believe approval could be on the horizon. If that happens, it could attract big institutional money to HBAR, boosting its value even more.
Canary Capital Group LLC files registration statement with SEC for an $HBAR ETF!
The Trust’s investment objective is to seek to provide exposure to the value of the native asset of the Hedera Network (“HBAR”).
LINK:https://t.co/E3BBHuIpT3 pic.twitter.com/tJ6NJtx42O
— Generation Infinity (@GenfinityIO) November 12, 2024
Trading Frenzy
HBAR’s latest rally has lit a fire under trading activity. In just 24 hours, trading volume shot up 323% to $3.46 billion, while open interest climbed 76% to $324 million. This shows that fresh capital is pouring into the market, potentially keeping HBAR’s momentum alive.
#HBAR – as we see now, the rally continues and the price target went beyond the forecast, now above 0.34.
The growth can continue today – December 3rd – UTC timezone – as well.
Mainly there are two important astro influences tomorrow, December 4th, UTC timezone, both positive:… https://t.co/mBnRyYvvhO pic.twitter.com/sBolRaYpxx
— Andreea Tomoiaga – astroandreea.eth (@AndreeaTomoiag3) December 3, 2024
The coin has also captured the public’s attention. Google Trends data shows that search interest in HBAR reached a five-year high in U.S. markets. It seems everyone’s trying to get a slice of the action.
Disclaimer
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The post HBAR Soars 47% on Whale Moves and Rumors appeared first on Altcoin Buzz.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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