Huobi token rises 83% after TRON founder’s support

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

13.10.2022 - 13:40

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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.

今天是我入职Huobi第二天，我代表Huobi Global顾问委员会发言，我们深知振兴Huobi的关键就是赋能HT，HT兴火币才能兴！未来将有许多大动作围绕HT展开，包括品牌升级，重磅赋能，商务合作，我们会团结一切能团结的力量，共同把@HuobiGlobal 做好！— H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) October 10, 2022

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.

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