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Justin Sun Bought Huobi Token Ahead Massive 90% Pump

Fri, 10/14/2022 - 07:45
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Arman Shirinyan
Sun was most likely part of massive price pump of Huobi Token
Justin Sun Bought Huobi Token Ahead Massive 90% Pump
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One of the richest persons in the cryptocurrency industry and co-founder of Tron Network, Justin Sun, has been allegedly purchasing Huobi Token during or prior to the 90% pump it showed on the market in the last few days.

According to the report, Sun has been accumulating the HT token since 2013, and his initial investment should be up by more than 400% at the current point. Unfortunately, the 90% HT pump we saw in the last few days was not putting the token near its ATH reached back in May 2021.

If Houbi's utility token traded around values of 2021, Sun would have been up by more than 700%. Considering the Tron founder's potential buying volume, it makes the HT deal one of the most profitable trades imaginable on the market.

However, the fact that Sun has been accumulating HT since genesis, according to his own words, shows that he most likely purchased tokens right before becoming part of the advisory board of the exchange, directly participating in the most recent price increase.

Leading Crypto Exchanges See Massive Pump

Two official Huobi wallets transferred 74 million HT to two new addresses on Oct. 13, and one of these transactions was from Sun's Poloniex wallet. Holding HT might be an official condition as part of the acquisition of Huobi Exchange. Financial regulators have not yet expressed their concerns about the deal.

At press time, Huobi Token is trading at $7.6 and lost around 6% from the local high reached after an almost 100% rally. The retrace was most likely caused by retail investors who held HT through the bear market. The asset's trading volume remains at an extremely high level, which could be fuel for the continuation of the rally.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.