The Huobi Token (HT) has experienced a jump of 84% following the news that Tron founder Justin Sun is acting as an advisor. The token is currently priced at $6.99, a 4-month high for the token.
Sun has said that the HT must function more like the Binance Coin (BNB), and actions that the exchange will focus on include a brand upgrade, heavy empowerment, and business cooperation.
Sun also believes that China will be a big player in the blockchain industry, even if the country has entirely banned cryptocurrencies.
The Huobi Token (HT) has jumped by a massive 84% following the reports that Tron founder Justin Sun is acting as an advisor with the exchange. The token is currently $6.89 after being around the $4.0 mark only three days ago.
The fully diluted market cap of the token is $3.5 billion, up 8.5% over the past 24 hours. The 24-hour trading volume of the token is $83.5 million. The token is now at a four-month high.
The token is obviously experiencing a surge because of the spate of news that has been reported in the past few days. One particularly significant development is the fact that Sun said on October 10 that the HT token was important to Huobi’s revival. Sun said on Twitter,
“I am speaking on behalf of the Huobi Global Advisory Committee. We know that the key to revitalizing Huobi is to empower HT, and HT can only thrive on Huobi! In the future, there will be many major actions around HT, including brand upgrade, heavy empowerment, and business cooperation.”
Sun also said that the HT token’s role should be similar to that of Binance Coin (BNB) in terms of its purpose. The Tron founder has clarified that he intends to help the exchange reach its former glory.
Sun Denies Acquiring Huobi, Says China Reentry Possible
Media outlets began reporting that Sun had bought the exchange after About Capital had acquired Huobi, though he had denied that this happened. There were also rumors that FTX CEO Sam Bankman-Fried had helped Sun acquire the exchange, but he denied any involvement.
While Sun has joined Huobi as an advisor, he denies having any stake in the company. He even showed some openness to the idea that the exchange may reenter China, which has banned cryptocurrencies.
Sun appears to have a lot of plans for the exchange. It has taken a hit following the ban in China, but it may experience a revival as it refocuses priorities on its business.