Since About Capital acquiredHuobi Token and Justin Sun was appointed advisor, the price of the Huobi (HT) token literally jumped. Analysts also expect this rise to be gradual. Some expect it to increase by nearly 100%, but is that realistic?
The biggest HT holder in the market
Justin Sun, the founder of Tron, recently joined Huobi as an advisor. After taking office, he said he owned tens of millions of Huobi (HT) tokens. He further asserted that the tokens will play a vital role in the company’s overall strategy.
In an interview with Bloomberg, Sun said he is now one of the biggest holders of HT in the market. Remember that he is not a shareholder of Huobi and he mostly got the majority of the chips when he joined the company as an advisor. He also said he made a small acquisition when the tokens launched in 2013.
I am very honored to be appointed as a member of the Global Advisory Board of @HuobiGlobal and work with industry, academic, and policy leaders to help guide and grow this innovative, vibrant, and resilient organization in its latest chapter of global expansion. Full sail ahead. https://t.co/txZspJaV4Q
— H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) October 9, 2022
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A fundamental role in the development of the company
According to Justin Sun, the Huobi token will become the core value of the platform. He would help him, according to him, to become one of the best industry exchanges. The native token would indeed have a role to play in the company’s future strategy.
For Sun, globalization will be one of the pillars of this new strategy. It’s no big surprise considering that Huobi has for a long time been one of the exchange platforms for cryptocurrencies most popular in China. Of course, this was long before cryptocurrency mining and trading was banned in the territory. Sun still hopes that China will change its policy, but in the meantime, he thinks it would be better to aim for something else.
Note that the 20th Congress of the Chinese Communist Party will take place next October 16. Sun expects crypto policy in China to be reviewed, especially with regard to economic and industrial policy. If changes are actually made, then they would be effective within a month or two.
An increase of more than 80% recorded for Huobi (HT)
One thing to note is that the price of the Huobi (HT) has increased by nearly 88% over the past week. This coincided with Justin Sun taking up a position as an advisor with the company.
Recall that rumors had also circulated when the Chinese cryptocurrency exchange confirmed its takeover by About Capital, an investment company. The rumors in question were that Sun must have been behind the purchase or at least represented the investors. This would tend to explain the fact that he received so many chips when he joined the company. Of course, this is pure speculation.
Incidentally, the rise in price was noted following Sun’s revelations about the number of tokens he held. Indeed, over the last 24 hours, the tokens have recorded a rise of 12%. This brings its market capitalization to almost a billion dollars. The question is: can the increase be 100%? If we refer to the pump of the last few days, this remains highly possible.