- The native token of Huobi cryptocurrency exchange, Huobi Token (HT) soared 79.4% over the recent week.
- This surprise comeback of HT almost wiped-off all its losses since the beginning of this year.
Huobi Token’s Recent Rise
Among the top-50 most-traded cryptocurrencies, Huobi Token took the 43 position, with the current market cap of $1.20 Billion. The token has a max supply of 500 Million, with a circulating supply of 153 Million in circulation today.
From the last seven days, Huobi Token noted an increase of almost 19.12%, as per the CoinMarketCap. However, its current trading price is $7.82 USD with 1.10% up in the last 24 hours.
Lately, the token came into focus as it was the only cryptocurrency with a market cap of more than $1 Billion. The token remained in the green over the recent week. It jumped almost 80 percent from its recent low, and left investors pleasantly surprised.
Furthermore, it can be seen that Huobi burned 411,000 HT ($1.863 million) in September 2022, which means Huobi Global’s revenue in September was around $12.4 Million. However, in February 2022, the platform implemented its second Huobi Token (HT) burn program, which removed 602,000 HT tokens worth $5.8 million from circulation.
The price action of Huobi token seen after the report of Justin Sun as he is the advisor of Huobi Global.
He also said that he has “tens of millions” of Huobi tokens. It must be noted that Justin Sun is the founder of Tron network.
In a recent interview with Bloomberg, Justin Sun said “I would see myself as one of the biggest holders.” Over this a Chinese reporter, Colin Wu, tweeted that Huobi’s official wallets transferred 74 Million to wallets associated with Justin Sun.
Huobi Token (HT) Expansion
The recent development of Huobi token that proved the token can survive the worst market conditions as the international agencies aimed and started its expansions to more countries.
Additionally, Ted Chen, the CEO of About Capital Management, a Hong-Kong based asset management firm, named the Huobi acquisition “a significant milestone for the industry”, and the exchange is still in its early stage of development and there remains tremendous room for growth.”
Lastly, the most-recent announcement of TRON founder Justin Sun, as a new Advisor of Huobi Global Advisory Board. Over which he said, “In the future, there will be many big moves around HT, including brand upgrade, heavy empowerment, and business cooperation.”
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/10/19/find-here-why-huobi-token-soared-up-almost-80-in-recent-week/