The price of Hedera (HBAR) experienced a significant increase, reaching above $0.065 on Monday morning. This surge came after FedNow announced its support for Dropp Inc, a platform powered by Hedera, causing it to join the list of service providers offered by the Federal Reserve.
According to CoinGecko, this spike in the price of Hedera was accompanied by a tremendous 1,290% surge in its 24-hour trading volume, with over $224 million worth of HBAR tokens traded.
Over the past 30 days, Hedera’s price has risen by 25%, making it the top-performing cryptocurrency among the top 100 coins by market cap.
Why is the HBAR price rising?
Hedera’s native token has been experiencing pumps due to several significant partnerships and adoption efforts with major mainstream players. This includes collaborations with South Korean automakers Hyundai and Kia, who introduced an AI-enabled solution for tracking supply chain carbon emissions. Hedera also recently announced a partnership with global payments giant Mastercard.
The adoption of HBAR by these companies has driven its price to the highest level since May. Although profit-taking temporarily pushed the price back down to $0.056, the recent support from FedNow for Dropp Inc, a platform powered by Hedera, has created new buying pressure for HBAR.
FedNow was launched to provide banks and credit unions with access to instant payments, while Hedera is a decentralized public network based on the Hashgraph algorithm.
The price of Hedera (HBAR) has surged above $0.065 after FedNow added support for the Hedera-powered platform, Dropp Inc. This announcement has led to a significant increase in trading volume and renewed interest in HBAR. The recent partnerships and adoption efforts with major players in various industries have also contributed to the rise in HBAR’s price.
What is Hedera?
Hedera is a decentralized public network that operates on the Hashgraph algorithm. It aims to provide a secure and efficient platform for businesses to build and deploy decentralized applications.
What is FedNow?
FedNow is a program launched by the Federal Reserve to offer banks and credit unions access to instant payments. It aims to provide faster and more efficient payment options for businesses and consumers.
What is Dropp Inc?
Dropp Inc is a platform powered by Hedera that has recently been added to the list of service providers for the FedNow program. It leverages the benefits of the Hedera network to provide innovative payment solutions.