Hedera HBAR Drops 2% Despite Major Wyoming Stablecoin Partnership as Selling Pressure Mounts

Hedera's HBAR token reversed early gains to close Thursday's session down 2%, collapsing under heavy selling pressure that overwhelmed a key technical support level. The cryptocurrency briefly rallied 6% to $0.22 before institutional liquidations triggered a cascade of stop-loss orders during the final trading hour.

Volume surged to triple the average hourly turnover as 6 million HBAR changed hands within minutes. The selloff eclipsed a regulatory milestone—Wyoming's Stable Token Commission selected Hedera as the exclusive blockchain for its state-backed FRNT stablecoin, citing superior speed and reliability.

Market indifference persists despite institutional validation. HBAR has declined 12% monthly as retail interest wanes, with on-chain social dominance metrics plunging 55%. The network's technological achievements continue to outpace market recognition.