The BarnBridge 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.
On July 7, there were reports of the US SEC investigating the BarnBridge and members associated with the DAO.
The BarnBridge (BOND) token started the day with a major jump, reclaiming all the losses it made since June 24. Although the token has since slightly pulled back from today’s high of $3.82, the token is still way above where it was trading when revelations of the US Security and Exchanges Commission (SEC) probe were made.
BarnBridge price chart. Source: Coinmarketcap
While the sudden price surge is welcome news for the crypto community, there are questions as to what is behind the move. In this article, we shall shed some light on what is happening behind the scenes.
Why is the BarnBridge token price rising?
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, who commonly referred to as “Lord Tyler” on Discord, confirmed Park’s message was accurate.
Following Park’s revelation, the BOND token dipped by 10% sending shockwaves among the community.
At the time, Park suggested that “all work” on BarnBridge-related products should stop, including the closing of liquidity pools, in order to “reduce potential further legal liability,” and that people shouldn’t be paid for work resulting from the DAO’s investment efforts.
The details of the investigations were, however, never disclosed, probably due to what Park called “ongoing” investigations.
Some DAO members raised suspicions over the 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 the allegation, stating it would be the “worst thought-out rug attempt in history.”
From the time the SEC investigation allegations were made to date, nothing much has surfaced about the investigations and the BarnBridge community is likely starting to blush off the effects of the allegations seeing that the BarnBridge (BONB) token has witnessed a tremendous increase in trading activity in the last two days. At the time of writing, the trading volume was up 1852.83% over the last 24 hours.
It is also important to note that a similar BOND price surge was witnessed last year at a similar time as previously covered by Coinjounal.
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