The asset hit a four-month high of $7,6

Huobi token rises 83% after TRON founder’s support

13.10.2022 - 13:40


2 min

What’s new? The native token of the Huobi crypto exchange rose by 83,6% from October 10 to October 13. Huobi Token (HT) hit a four-month high of $7,6. This came after Justin Sun, founder of the TRON blockchain platform, who is on Huobi’s global advisory board, called the asset “the key to revitalizing” the exchange. As of October 13, 13:00 UTC, the token is trading at $7,3, having gained 17,2% in 24 hours, according to aggregator CoinGecko.

What else did Sun say? The TRON founder believes that “HT can only thrive on Huobi.” Sun also reported that “there will be many big moves around HT, including brand upgrade, heavy empowerment, and business cooperation” in the future.

During the October 11 appearance on CoinDesk’s show called First Mover, Sun said that HT is central to Huobi’s success. He drew parallels to Binance Coin’s (BNB) role in establishing the platform as the leading cryptocurrency exchange.

What is known about HT? The asset is used to receive fee discounts, as well as additional rewards and bonuses. As of October 13, it has a market capitalization of $1,1 billion. HT is currently trading 79% below its all-time high (ATH) set in May 2021. Back then, the asset was valued at $34,8.

On October 8, Huobi co-founder Leon Li sold his controlling stake to Hong Kong-based investment firm About Capital Management and withdrew from participation in the activities of the exchange. Analyst Colin Wu later called Justin Sun the ultimate beneficiary of the deal, adding that it was partially financed by the head of the FTX crypto exchange Sam Bankman-Fried. Both denied these claims. Sun added that he only serves on the exchange’s global advisory board.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy