HBAR Drops as Wyoming Stablecoin Win Fails to Lift Market Mood
Hedera’s HBAR token ended Thursday in decline, as a late-session selloff erased early gains and overshadowed Wyoming’s decision to build its state-backed Frontier Stable Token (FRNT) on the network.
HBAR climbed from $0.21 to $0.22 during the session but quickly reversed course, with volumes doubling to 77.6 million tokens. A sharp break below $0.22 at 14:16 UTC triggered stop-loss orders and institutional liquidations, driving turnover to 6 million tokens in just two minutes.
The selloff muted the impact of Wyoming’s announcement, which highlighted Hedera’s speed and reliability as reasons for selecting it as the FRNT’s platform. Despite the regulatory milestone, HBAR has lost 12% in the past month amid falling retail interest and reduced institutional flows.
On-chain data shows social dominance down 55% to 0.74%, while the Smart Money Index has slipped to 1.108. Traders now view $0.19 as the next key support.
