The current cryptocurrency market turmoil is causing many coins to struggle with keeping up with the rest. One coin, however, is standing out and growing at an incredible rate. It is now the most lucrative crypto in October, according to Huobi token. In a volatile market, the token recorded significant gains.
Huobi token’s exponential profit comes as news of Justin Sun’s advisory role at Huobi Capital surfaces. Popular entrepreneur Justin Sun made several bullish comments about HT via Twitter, which led to the token’s rise.
Huobi has been enjoying an incredible rally. The current price action suggests that Huobi could finish the month stronger than when it began. It will probably reach new heights in November if it continues to rise.
Huobi Token Records Massive Gains in October
For the whole crypto market, October has been known as a bullish month. It’s that one month when every coin experiences a massive increase in value. But this October was not your typical month. Many of the top cryptocurrency exchanges have had difficulty maintaining their gains.
Despite coins like Bitcoin and Ethereum starting out strong, they’re still struggling to keep decent gains. Yesterday, Bitcoin traded at $19k. Another coin to start October wrong was Huobi. It quickly changed its mind and started climbing again.
The Huobi Token is currently traded at $9.26. Looking at its price range since the beginning of the month, you’ll notice it has gained quite a lot within weeks. The Huobi token was traded for $4.43 in October. After a brief plunge over the next days, it reached $3.99 on October 2. The stock gained momentum over the next 10 days and then started to make bullish leaps after it recovered. Huobi’s gains between October 1st, and today, the 25th of this month, have been over 105%. This is a huge gain for any coin, especially one that’s not as well-known as others.
Huobi Token Pump Courtesy of Justin Sun’s Announcement
HT’s massive gains can be attributed to Justin Sun’s announcement of owning tens of millions of HT tokens. Justin Sun, founder of TRON Network, was appointed to an advisory position at Huobi Global in this month. Sun remarked last week on Bloomberg TV, “I would perceive myself as one of the biggest holders.” However, he insisted that he had yet to buy a share in the exchange.
Soon after Sun’s Bloomberg TV interview was over, Colin Wu, a Chinese journalist was interviewed. reported that Huobi had transferred 74 million HT to Sun’s wallets. The maximum supply of HT tokens is currently 500 million. There are also 130 million in circulation.
According to Sun, Huobi Token (HT) is the company’s “core value.” Furthermore, he emphasized that for the exchange to become one of the “most significant” trading platforms in the world, HT needs to be “pushed vigorously.” The Tron creator said he wanted to focus on Huobi’s worldwide development. He also mentioned plans to return the company back to China—if regulators allow.
Featured image by Pixabay, chart from TradingView.com