Two Reasons Why Price Is Up Nearly 100%

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Tron founder Justin Sun revealed that he owns “tens of millions” of the Huobi Token, days after joining the platform as an advisor.

“I definitely see myself as one of the biggest HT holders,” Sun told Bloomberg in a recent interview. While Sun owns no stake in the Huobi, having only joined recently as an advisor, he did admit to owning very many of the platform’s native tokens.

In addition to receiving some upon joining the company as an advisor, Sun said that he had purchased some of the token “on day one,” when Huobi was founded in 2013.

Huobi Token Will Become Core Value of Platform

In his role as an advisor for Huobi, Sun highlighted the role that the Huobi Token would play in the company’s upcoming strategy. Sun said he believed HT to be the “core value” of the platform, which it would need to push in order to achieve its ambition of becoming one of the world’s most competitive cryptocurrency exchanges.

Sun also acknowledged a renewed focus on globalization as another facet of the company’s strategy. He recalled that Huobi had been one of the most popular exchanges in China, before it banned the mining and trading of private cryptocurrencies last year. 

While Sun said this made a pivot to a more globalized stance necessary, he added that he remained optimistic about a potential change in policy back in China.

During the 20th Congress of the Chinese Communist Party taking place on October 16, Sun said he expects some changes regarding the crypto policy in China, as part of economic and industrial policy changes expected in the next month or two.

Huobi Price Nearly Doubles on News

Sun’s appointment as advisor to Huobi contributed to the token price surging over 88% in value over the past week. When the Chinese crypto exchange announced that it had been taken over by an investment company, About Capital, there was speculation that Sun may actually be one of the buyers behind the acquisition. 

The revelation of Sun’s vast HT holdings likely contributed to the tokens’ momentum, having seen an additional 12% appreciation in the past 24 hours, putting its total market capitalization at just over $1 billion, according to CoinGecko.

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