Huobi Global has seen its native token HT surge up to 70% in the last 30 days, following the arrival of Tron founder Justin Sun as an advisor to the crypto exchange.
According to CryptoSlate data, in the last 30 days, Huobi’s HT started trading flat between $4.1-$4.5 up until Oct. 10, when it spiked by 23.8% to close at $5.2.
In the last 7 days, Huobi’s HT has sustained its bullish momentum as it surged by $53.8%. Similarly, in the 24 hours chart, HT is up by 10% after reaching a local high of $8.
Justin Sun in, HT up
Justin Sun’s announcement of his role as Huobi’s advisor on Oct. 10 saw excited investors flock into the Huobi ecosystem and moved HT’s price by up to 23.8%.
Further investigation by WuBlockchain claimed that Justin Sun’s involvement in Huobi was more than an advisor, he was alleged to be the new owner.
In the days that followed, Justin Sun confirmed that he was one of the biggest holders of HT. Reports linked some 74 million tokens to the Tron founder’s wallet.
74 million HT of Huobi’s two official wallets have been transferred to two new addresses on October 13, and the first transactions were from Justin Sun’s poloniex. The HT officially held by Huobi may be part of the acquisition of Huobi Exchange and has been handed over to Sun. https://t.co/O3SexjA8io
— Wu Blockchain (@WuBlockchain) October 14, 2022
More HT leaving exchanges
The exchange net position metrics measure the number of token inflows or outflows across crypto exchanges over a given period. When outflows are higher than inflows, it is considered bullish for investors, and vice versa.
Glassnode data shows that over 50 million HT tokens have left exchanges over the last 30 days. By implication, more investors are bullish on HT in the long term thus moving their holdings out from exchanges.