Huobi token holders will be pleased to know this update
Huobi token, the native token of the centralized exchange Huobi, has been witnessing a tremendous surge that looked to go against the general bearish trend of the market.
LunarCrush statistics also showed that the number of social engagements climbed by 1,273%, to 4.63 million, while the number of social mentions increased by more than 800% within this week.
CoinMarketCap’s report showed that the Huobi token’s value increased by over 10% within the last 24 hours, while its market cap also increased by over 10%.
While the specific cause of the latest upswing remains unclear, its inception can be traced to recent events in the Huobi ecosystem. Huobi’s founder, Leon Li Lin, recently sold his shares to About Capital, a Hong Kong-based asset management firm, and the deal came with a promise of further investment into the exchange.
Huobi will receive a substantial infusion of funds into its margin and risk provision fund and have access to a worldwide strategic advisory board composed of prominent personalities in the industry as a result of the deal.
Sequel to the sale and the plan to assemble strategic and influential individuals in the crypto space, the exchange hired Justin Sun and other advisors with the goal of increasing the token’s worth. As a result of these changes, investors began allocating more capital to the utility token used by the exchange. The recent uptick might be attributed to other investors buying into the hype to take a profit.
HT’s live price movement on a daily timeframe, at the time of this writing, showed that the asset had increased by more than 14%. It opened at $6.25 and was trading at over $7.
During the same timeframe, the Bollinger Band displayed a significant stretch, indicating that the asset
Read more on ambcrypto.com
