Huobi Token (HT) Price Spikes by 21% After Justin Sun Reportedly Purchased Exchange

The potential acquisition of Huobi exchange by Justin Sun caused a massive surge in the price of the exchange's utility token. HT saw a noteworthy 21% spike in less than a few hours after the rumor spread across the industry.

What's happening?

Six hours ago, users noticed that Sun placed the address of one of the biggest centralized exchanges in the world on his official Twitter profile. Later on, the first reports appeared in the media field about Justin Sun acquiring the exchange with the help of Sam Bankman-Fried.

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Later on, reports appeared about Sun making a speech to all Huobi employees. He stated that his work would revolve around Huobi Token HT and that it would not return to the Chinese market.

However, Sun has not purchased the exchange. According to Huobi, Sun entered the consultative board of the exchange, and he will act as one of the five advisors of the company.

Huobi token reacts with growth

Considering the fact that Sun will be officially working on bringing more value to the exchange's token, it is not yet clear what steps the founder of Tron is willing to take in order to bring more attention and use cases to the token.

In terms of technical analysis, HT has not shown anything exceptional while moving in the downtrend for the last few weeks. In August 2022, the exchange's token took at least two attempts to break through local resistance levels and then retraced back below the 50-day moving average.

As for now, HT is trading at $4.8 with a 20% price increase in the last 24 hours.