Huobi Token continues run of strong form, up 64% since bottoming

Hull Invest

Huobi Token (HT) posted a 64% gain, rising from a local low of $3.70 on November 13th to a press price of $6.06.

Huobi Token daily chart
sauce: HTUSDT on

Following the runaway at FTX that culminated in its Chapter 11 bankruptcy filing, crypto token prices have had a rough time in recent weeks.

But as the industry tries to move on from the scandal, the buds of recovery are emerging. HT is he one of such products.

earlier this week, Hard recently unveiled a rebrand and a new global expansion roadmap.

strategy change

Founder, October 8 Leon Lee It has announced that it will sell all controlling interest in the exchange to Hong Kong-based About Capital Management.

As part of the reform, Huobi’s press release dated Nov. 22 laid out a new direction for the exchange. It rebranded the company and Unleash the full power of HT’s key strategic attributes. “

The press release added that Huobi will utilize HT to add a way for owners to vote for “high-quality projects” listed on the platform.

A change of direction increases presence caribbean It was established to take advantage of favorable cryptocurrency regulations and the widely spoken English in the region.

Additionally, Huobi said it will increase investments in areas with strong growth potential, including Southeast Asia and Europe. We are also considering options regarding mergers and acquisitions.

Does Justin Sun own Huobi?

After Huobi was sold to About Capital Management, rumors swirled that TRON founder Justin Sun and former FTX (now) CEO Sam Bankman-Fried were involved.

Both companies have denied any involvement in the acquisition. However, in response to rumors, Sun has revealed that he is a member of Huobi’s newly formed Global Advisory Board.

Journalist Colin Wu now believes that the Sun-owned Poloniex exchange could merge with Huobi. This point is more relevant given the points made in Huobi’s previous press release regarding merger and acquisition investigations.

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