Huobi Token Price Explosion: HT up 56 percent
Huobi token price explosion leads to price gains of over 56 percent since the start of last week. How does the price of the exchange currency suddenly increase?
HT price explosion: That’s the background
Huobi has been one of the largest crypto exchanges for years. The company was founded in China in 2013. In January 2018 they launched their own ERC-20 token . The cryptocurrency called Huobi Token (HT) is now experiencing an enormous price explosion.
Meanwhile, most of the crypto market remains quiet as usual. The Huobi token was inspired by competitor and industry leader Binance, which also had its own volatile token, BNB.
BNB has now grown into a full cryptocurrency with its own blockchain . Both cryptos have similar features. They favor the user when using the respective trading platform.
If you compare the price gains of the two competing coins , HT has recently performed significantly better. Since the beginning of last week, the market price of the HT has increased by as much as 56 percent. Meanwhile, BNB and many other cryptos are silent.
So why is there a sudden price explosion? Tron founder Justin Sun is to blame. In a recent interview with Bloomberg , Sun stated:
I see myself as one of the largest holders of the token.
Blockchain data shows that Sun actually holds 74 million HT. This corresponds to approximately half of the total circulating supply of 153 million or the equivalent of more than half a billion Swiss francs.
Justin Sun becomes Huobi advisor: prospect
But that alone does not trigger the bull mood. In addition, Sun is now also an advisor to the crypto exchange Huobi. Previously, the entrepreneur is already a shareholder of the crypto trading platform Poloniex.
Among investors, the new partnership is apparently a stroke of luck. Sun founded the Tron network and acquired the BitTorrent company. He recently made headlines as the brains behind Dominica’s crypto adoption .
The small island state was the first country in the world to declare several Tron tokens as official means of payment. Sun was significantly involved, who apparently did some convincing for this.
So it’s not far-fetched that Sun’s involvement with Huobi brings hope for further financial gains. If the popularity of the crypto exchange increases, the demand for its token will also increase and it will experience further price gains.
Huobi token price development
The Huobi token is currently ranked 43rd among cryptocurrencies by market capitalization . At a price of 7.74 Swiss francs, HT has a market value of almost 1.2 billion francs.
The latest price explosion sees HT take a huge leap from rank 63. A total of twenty places are advanced within eight days. This makes HT the cryptocurrency of the top 100 that is experiencing the most growth.
Justin Sun believes that HT is the core value of the crypto exchange. If Huobi wants to continue to play an important role, the platform must “push the token hard”. Sun wants to increase Huobi’s global role.
Although the company is now based in the Seychelles, it is particularly important in Southeast Asia. Despite sweeping crypto bans, Sun wants to bring Huobi back to China.
As recently as August, Sun and FTX founder Sam Bankman-Fried were considering acquiring Huobi. Meanwhile, founder Li Lin sold his stake in Hong Kong-based About Capital .
Justin Sun buys Huobi?
So far, it has been disputed whether Justin Sun is the owner of About Capital and took over Huobi in this way. Since Sun already owns a majority of the Huobi tokens, the takeover is obvious. These previously belonged to majority owner Li Lin.
Justin Sun himself disputes these assumptions, however. He also denies the thesis that Sam Bankman-Fried and Sun would divide the crypto exchange between themselves.