Tron (TRX) founder Justin Sun said in his recent statements that he has tens of millions of Huobi Tokens (HT). He added that he is keen to raise HT tokens as he is currently an advisor to cryptocurrency exchange Huobi. Here are the details…
TRON inventor’s Huobi support raises the price
Justin Sun’s comments came during a Bloomberg interview on Thursday, October 13. Sun stated that he “sees himself as one of the largest holders of HT tokens.” The Tron founder also stated that he has been accumulating HT tokens since the founding of the crypto exchange in 2013. Shortly after Justin Sun became a consultant to the Huobi crypto exchange, the price of HT tokens increased by nearly 100 percent within a week. Currently, the HT token is changing hands at $7.82, up 7.1 percent. However, the cryptocurrency rallied from $6.87 to $8.14 on a daily basis. It gained 88.1% in one week.
The coin managed to rise to its current levels from the weekday low of $4.07. This means that Huobi token (HT) has added more than $600 million to its market capitalization in less than a week. This indicates that Sun’s presence in Huobi has a huge impact on the price of the token. Huobi is currently one of the top ten global cryptocurrency exchanges on the market. The daily trading volume of the stock market corresponds to approximately 900 million dollars.
Is Justin Sun the shadow owner of Huobi?
As we reported as Kriptokoin.com, the reports earlier in the week made an interesting claim. Tron founder Justin Sun is claimed to be the shadow owner of Huobi Global. However, Sun denied the allegations that he bought shares on the crypto exchange. Speaking about this development, crypto journalist Coin Wu wrote:
74 million HT of Huobi’s two official wallets were transferred to two new addresses on October 13, and the first transactions were made from Justin Sun’s Poloniex exchange. Officially held by Huobi, HT could be part of the Huobi exchange’s acquisition. It may have been transferred to Sun.
Justin Sun said they will focus on further expanding the Huobi presence to the global market. It is also interested in bringing the exchange back to China if the law allows it. However, he stated that this hypothetical situation will depend on the Chinese government changing its stance on cryptocurrencies. He said this would require “a thorough examination of the stock market”. Also, in another program he attended, Sun made another statement regarding the stock market purchase. “We may have a chance to buy Huobi in the future, but not now,” he said.
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