Justin Sun, the founder of Tron, has been working for a few months to pull the crypto exchange Huobi out of the doldrums. He seemed to succeed for a while, but yesterday fate suddenly struck and the price of the stock exchange token plummeted. To keep things in check, Sun sent $ 100 million USDC to the exchange platform.
$100 million in liquidity
If we are to believe Sun’s words, there was a leveraged liquidation on Huobi’s platform. This caused the price of the token to fall extremely far. To improve the liquidity of the token, a liquidity fund of USD 100 million has now been set up.
With that amount, Sun naturally hopes that calm will return to the market and that the token can start a cautious recovery. “We continue to deepen the liquidity of the largest cryptocurrencies and the HT token,” Sun said.
There is also some self-interest for Sun, because the entrepreneur is in their own words holding tens of millions of HT tokens from Huobi. In January, the exchange platform already had to lay off 1,600 people and the problems now seem to be continuing for the exchange platform.
The rollercoaster of HT
Huobi’s token has been on a roller coaster ride for the past few hours. At its highest point in the past 24 hours, the token stood at $4.81 and its lowest point at $0.31. The token has now ‘recovered’ to a price of USD 3.80.
It is also likely that the token has rebounded a bit as a result of Justin Sun’s support and help. It is to be hoped for the stock exchange platform that the misery will not be too bad and that they will soon be able to continue in good health.
For now, however, there is quite a bit of panic in the market, which is being felt pretty much everywhere right now. Bitcoin and Ethereum are also struggling at the moment with all the problems that play within the crypto world.