23. Juli 2024

BarnBridge Token Rises 24% in 24 Hours Despite SEC Probe Scare

  • BarnBridge (BOND) token takes to the sky: The BarnBridge token has surged by 30% and is trading 24.94% higher than it was when news of a US SEC investigation broke out.
  • Investigation into BarnBridge DAO: On July 6, the elected legal counsel of the BarnBridge DAO announced that the US SEC had started investigating the DAO.
  • Questions behind surge in price: The crypto community is wondering what caused this sudden surge in price after such negative news.

Overview of BarnBridge (BOND) Token Performance

BarnBridge (BOND) token has hit a daily high of $3.82, after a 30% surge earlier today. At press time, the token was trading at $3.69, up 24.94% in 24 hours since news of an US SEC investigation broke out on July 7th.

US Security and Exchanges Commission Investigation

On July 6 2023, Douglas Park, the elected legal counsel of the BarnBridge DAO took to social media platforms including X (formerly Twitter) to state that the US SEC had started investigating the BarnBridge DAO. Soon after, BarnBridge co-founder Tyler Ward confirmed Park’s message was accurate. Following Park’s revelation, the BOND token dipped by 10%, sending shockwaves among its investors and members of its decentralized autonomous organization (DAO).

Suspicions over SEC Investigation Announcement

Some DAO members raised suspicions over Park’s announcement with one member on Discord asking for supporting evidence of the SEC’s investigation implying that Barnbridge’s founders could be using it as an excuse to facilitate an “exit strategy” to possibly defraud investors. Tyler Ward however rebutted this allegation stating it would be “the worst thought-out rug attempt ever attempted.“

Reasons Behind Price Surge

It is unclear what exactly sparked this massive surge in the BOND token’s price; however some analysts have speculated that investor confidence has been restored following confirmation from both Park and Ward that investigations were still ongoing but no further details were disclosed due to their ongoing nature.

Conclusion
Despite speculation regarding fraudulent activities surrounding its announcement of a US Security & Exchange Commission probe; new evidence suggests that investor confidence has been restored leading to an enormous surge in prices for BOND tokens making it one of today’s hottest cryptocurrencies despite all odds!