Huobi Token Rises 79% After Justin Sun Becomes Huobi Advisor

The value of the Huobi token, the token of the Huobi exchange, increased by no less than 79.4% during the week. This wiped out almost all the losses it saw since the beginning of the year.

Price of HT continues to rise

With a market cap of $955 million, the Huobi token currently ranks 52nd on the list of largest cryptocurrencies. The price of 1 token is currently around USD 7.45, which means that the price has increased by more than 60 percent in the past 30 days.

The Huobi token’s impressive price action comes amid reports that Justin Sun, the founder of the Tron network, has revealed his new role as an advisor to the Huobi exchange. Sun owns tens of millions of tokens.

I see myself as one of the biggest owners.

– Justin Sun.

Sun emphasized that he has not acquired a stake in the exchange. Chinese reporter Colin Wu tweeted shortly after Sun appeared on Bloomberg TV that Huobi’s official wallets transferred 74 million tokens to wallets associated with Tron’s founder.

The Huobi token has a supply of up to 500 million tokens, of which approximately 130 million are in circulation as of today.

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Huobi’s ‘core value’

Sun described the token as the “core value” of Huobi. In addition, he emphasized that the token would have to grow much larger if Huobi is to become one of the “main” trading platforms in the world.

The Tron founder added that he wants to focus on Huobi’s global expansion. In addition, if the regulations allow it, they even want to bring the exchange back to China, where it was originally located.

Earlier this month, Huobi founder Leon Li Lin sold his stake in the company to About Capital, a Hong Kong-based wealth management firm.

According to the company, the deal will provide Huobi with sufficient capital in its margin and risk provisioning fund. In addition, it will have a global strategic advisory board, accompanied by industry leaders.

In August, reports emerged that Li Lin wanted to sell his majority stake in Huobi — reportedly at a valuation between $2 billion and $3 billion — with FTX CEO Sam Bankman-Fried and Justin Sun reportedly holding “preliminary talks” about the potential deal.

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