Key takeaways:
- Huobi Token’s (HT) price increased by roughly +60% after it was unveiled that About Capital is acquiring Huobi Global
- The core investor in About Capital is reportedly TRON founder Justin Sun, who announced yesterday that “big moves” are in the pipeline for HT
- Sun highlighted “brand upgrade, heavy empowerment, and business cooperation” as initiatives that will help HT thrive
“The key to revitalizing Huobi is to empower HT,” stated TRON’s founder
Earlier this week, we reported that Chinese cryptocurrency entrepreneur and TRON founder Justin Sun allegedly bought a billion-dollar stake in cryptocurrency exchange Huobi Global, effectively acquiring the majority controlling share from the exchange’s founder Leon Li.
The price of Huobi Token, the native asset of the digital asset trading platform that enables its owners to partake in exclusive events and trading promotions, skyrocketed after the Huobi news, reaching a three-month high of $6.52. At the time of writing, the Huobi Token price shows a +24.1% daily price change, having pushed the weekly green candle to +60.2%.
Buy/Sell HT on Huobi Global
In a statement made on Twitter yesterday on behalf of the Huobi Global Advisory Committee, Sun said that “the key to revitalizing Huobi is to empower HT.” The publicly shared commitment to HT is likely the primary reason behind the token’s recent positive market performance.
What’s next for Huobi Token?
According to Sun, Huobi’s future will revolve around “many big moves around HT.” The tech billionaire highlighted brand upgrade, heavy empowerment, and business cooperation as the main HT-related initiatives that are in the pipeline. Here’s an automatically translated version of Sun’s statement:
“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 big moves around HT, including brand upgrade, heavy empowerment, and business cooperation.”
While the price of HT is experiencing robust bullish activity at the moment, our Huobi Token price prediction algorithm shows that the token could dip to the pre-Sun takeover levels in the $4.35 range in the next month. However, longer-term HT price prediction forecasts another bout of bullish action in early 2023.
Huobi handled $435 million in trading volume in the past 24 hours, ranking the platform 12th on our list of largest cryptocurrency exchanges.
In late 2019, Huobi exited the US market over regulatory concerns. In a March interview, Huobi’s Director of Global Strategy, Jeff Mei, said the exchange is looking to reenter the US market with a focus on asset management but has no plans of introducing spot market trading for US customers.
