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- 1 The Hedera Council has announced the allocation of funds for the betterment of the Hedera ecosystem.
- 2 The total allocated amount is estimated to be worth around $408 Million.
- 3 As of writing, Bitcoin was trading at $42,566 with an intraday decline of 7.63%.
Hedera Council, the governing body of Hedera public blockchain has approved the allocation of approximately 5 Billion Hedera Hasgraph’s the native crypto token/coin, for the future development and advancement and betterment of the network.
The information about the investment was revealed by Hedera Council in a recent blog post available on the website of Hedera. The allocated tokens are estimated to be worth $408 Million.
However, the majority of allocated funds will be used to strengthen the existing Hedra initiatives such as the HBAR Foundation, Hashgraph Association and DLT Science Foundation.
In the past few months, several crypto companies have injected hundreds of Billions in native tokens or traditional currencies. Hedera is among one of the leading companies in the crypto industry.
As per Betsabe Botaitis, the CFO of the firm, funds for HBAR Foundation and Hasgraph Foundation will be allotted by the first quarter of 2024 and the funds to DLT Foundation will be allotted as soon as it suppresses key milestones this year.
Recent data suggests that on January 11, 2024, Hedera Foundation joined hands with Algorand Foundation for the betterment of the ecosystem and further adoption of the network.
As of writing, Hedera (HBAR) was trading at $0.0795 with an intraday decline of 5.50%. Similarly, its market capitalization slipped 5.50% in the same time frame. Despite both these declines, the token’s trading volume grew by around 16%.
HBAR hit its all time high trading price on September 21, 2021 ($0.5701). In the past 365 days, the network adoption remained low and total accounts created on the network stood at 2.54 Million while the number of active accounts was 1.39 Million.
CoinMarketCap ranked HBAR as the 37th token with the most market capitalization and 77th in terms of trading volume in 24 hours.
Crypto Market Update
In the past few months, the crypto market marked key milestones. However, as of writing, the market underwent a brief correction phase after noting a sharp uptrend post the approval of spot Bitcoin ETF.
As of writing, Bitcoin was trading at $42,566 with a significant intraday decline of 7.63%. This is the first decline in the past few months that dragged the price so deep.
Ethereum, the second most popular token in the market was flourishing over the past few weeks and has shown major growth after the approval, as several news articles over the probable entry of Ether spot ETFs were circulating.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
