The Huobi Token (HT), the native cryptocurrency of Huobi Global, has spiked in value by more than 65% after the exchange announced “sufficient” capital injection to allow it to move forward with its outlined revival plan.
Sun Announces Revival Plan for Huobi
In a statement on October 8th, Huobi Global’s majority shareholder Leon Li announced the sale of his entire stake in the crypto exchange, in addition to the formation of new Advisory Committee intended to aid in the exchange’s expansion.
One of members of Huobi’s new Advisory Committee is none other than Justin Sun, Founder of the Tron cryptocurrency. After concluding a meeting with the board on Monday, October 10th, Sun laid out a set of plans to revive the crypto exchange and its native Huobi Token.
The Tron founder disclosed that the Huobi revival plan includes a brand, empowerment, and business cooperation focused update to the Huobi Token. The exchange will also look to secure additional investments.
Huobi Token Spikes at Revival Plan
The announcement caused the price of Huobi Token (HT) to jump more than 65%, with HT having initially been valued at $4.07 prior to the reveal, before rising to $6.71 afterwards. At press time, HT is trading at $6.46 following a slight adjustment.
The 48 hour price chart for Huobi Token (HT). Source: CoinMarketCap
The exchange’s trading volume is also up more than 450% in the wake of the announcement. However, despite being one of the most popular cryptocurrency exchanges in the sector, Huobi is still not authorized to operate in the United States and China.
On the Flipside
- Justin Sun has denied all claims that he is behind the acquisition of Huobi, clarifying that he only acts in an advisory capacity.
Why You Should Care
The plans outlined by Sun are intended to improve the competitiveness of Huobi, which was heavily affected by the 2021 crypto ban imposed in China.
Read more on the Huobi acquisition:
Huobi Global Vows International Expansion After Takeover By About Capital
Huobi has been involved in a number of investments. Find out more:
Huobi Ventures Invests in Magic Square to Transform the Future of Crypto