The HBAR trade price surged rapidly, as FedNow added support for Hedera’s Dropp.
Hedera is a fully open-source public distributed ledger tech (DLT), fair, and secure hash graph consensus. Hedera network services include Solidity-based smart contracts, as well as native tokenization and consensus services used to build decentralized applications.
Since last month, Hedera’s native crypto token HBAR is facing huge buy pressure. That means people are interested to buy HBAR tokens in huge amounts, to grab better profit with short-term holding.
As we know, the US Federal Reserve (Fed) successfully launched the “FedNow” payment system last month, to allow American people to easily handle online banking activities with better efficiency. On several occasions, Fed officials praised FedNow as the best alternative solution to the Central Bank Digital Currency (CBDCs), or say Digital Dollar.
FedNow also added support for the “Dropp”. Dropp is a Hedera-based micropayment preprocessing solution, which provides transactions instantly.
According to FedNow’s press release, Dropp allows merchants to accept small-value purchases digitally without large transaction fees.
This latest PR by FedNow acted as a catalyst for the HBAR token pump. The current trade price of the HBAR token is $0.072 & this trade price is 41% high over the last 30 days of trade price.
Notably, the Hbar token saw a nearly 20% increment within the last 24 hours only, following the latest press release by the Fed.
It is worth it to note that HBAR saw a sudden pump in trade price following partnerships and adoption efforts with major mainstream players in the last month and early August.
South Korean multinational automakers Hyundai and Kia adopted Hedera technology to track the supply chain carbon emission. Recently Hedera established a partnership with giant card payment process firm MasterCard.
Following all such adoption efforts by the Hedera project team, the Hedera network saw a 288% increment in the daily active accounts year-to-date, jumping from 3,500 to 13,500 by Q2 2023.
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