Huobi token up 70% in the last 30 days, following Justin Sun’s arrival News ▸ HTX ▸ Price Watch
Huobi token up 70% in the last 30 days, following Justin Sun’s arrival
Over 50 million HT tokens have left exchanges over the last 30 days indicating that investors are bullish on HT for the long term.
2 min read
Updated: Oct. 17, 2022 at 8:58 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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.
Mentioned in this article
Author 
Christian Nwobodo
Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.
In this article
HTX Token(formerly HT or Huobi Token) is a decentralized digital asset based on Ethereum, with a limited total supply of 500 M, issued by Huobi Group.
HTX
Huobi, a virtual asset exchange, launched a revised branding strategy on September 13, 2023, where “Huobi” will be rebranded as “HTX.” “H” stands for Huobi, “T” represents TRON with a commitment to being all in TRON, and “X” stands for the exchange.
Justin Sun has carved a name for himself as a leading figure in the blockchain sector.
