Huobi Global HT/USD, the native token of Chinese cryptocurrency exchange Huobi, has surged by 70% in the last 30 days, CryptoSlate reported.
The overall cryptocurrency market, meanwhile, has seen a slump as Bitcoin BTC/USD remains below the $20,000 mark, and Ethereum ETH/USD continues to struggle.
What Happened: Huobi’s price rally comes after Tron TRX/USD founder Justin Sun announced himself as an advisor to the crypto exchange.
According to CryptoSlate data, HT was trading between $4.1 to $4.5 up until Oct. 10. As soon as the news of Sun joining the platform broke, the coin spiked 23.8% to $5.2.
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In the last 7 days, the native coin rallied over 53.94%, reaching a four-month high of $7.60, according to data from CoinMarketCap.
What Now: According to the latest HT monthly report released by Huobi, the platform burned 411,000 HT (valued at about 1.86 million USDT) in September this year, and the number of burned HT reached 295.51 million as of Oct. 15.
Earlier this month, Sun told Huobi staff: “Instead of releasing new tokens, our key focus will be on supporting HT to strengthen its place in the virtual assets industry.”
He reiterated his intentions in a Bloomberg interview last week, where he revealed that he owns “tens of millions” of HT. “I would see myself as one of the biggest holders of Huobi Tokens in the world,” Sun said.