Huobi Token Rises Amid Justin Sun’s Empowerment Call

Huobi`s native token has reached its four-month high of $7.60.
Justin Sun has agreed to take control of Huobi.
Justin Sun and his counterpart, SBF, have denied any participation.

Data received from charting platform TradingView shows that the native coin of China’s formerly well-known cryptocurrency exchange Huobi Global has increased by nearly 70% since Monday, reaching a four-month high of $7.60.

This comes in the light that Leon Li, the founder of Huobi, was to take over the management of the business. However, Justin Sun, the inventor of Tron, and his Hong Kong-based investment company About Capital agreed to make a purchase.

Li will no longer be involved in the company’s operations coming forward, and About Capital will take complete control of Huobi. Given Sun’s depth of expertise working across crypto and finance as a leader and inventor, this should be extremely beneficial for the project moving forward.

Later, the first media reports regarding Justin Sun obtaining the exchange with the aid of Sam Bankman-Fried started to circulate.

Huobi’s current price places the completely diluted market cap at close to $1.2 billion and the circulating market cap at just under $160 million according to CoinMarketCap data.

Due to the significant volume, they may record on the exchange, HT has been able to develop and cultivate a sizable community as an exchange token.

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Over the past few years, Huobi has seen relatively little controversy and is a highly compliant exchange in a number of different jurisdictions.

However, Justin Sun did mention that he now serves on Huobi’s advisory board.

Even though both Justin Sun and SBF have denied any participation, Chinese media has continued to speculate about who might be behind the acquisition of Huobi despite rumors that they are both playing a big role.

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Godfrey Mwirigi

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.