Huobi Token Rises By 22%: Here’s Check Why

The Huobi Token (HT) rises by 22% in the last 24 hours.  HT coin from a low of $3.70 on November 13 to a price of $7.16 at the time of publication. Just after a run on FTX that resulted in the exchange filing for Chapter 11 bankruptcy, cryptocurrency token prices have had a rough few weeks. However, signs of recovery are emerging as the industry works to recover from the scandal. The HT is one such offering that is leading the charge back to health.

The reason behind Huobi Token price rise

The company recently announced a brand update as well as a new global expansion roadmap previously in the week. On October 8, founder Leon Li announced the sale of the exchange’s entire controlling stake to Hong Kong-based About Capital Management. This could be one of the reasons behind the price hike of Huobi Token (HT)

As part of the reorganization, Huobi issued a press release on Nov. 22 announcing a new direction for the exchange. It mentioned rebranding the company and “giving full play to HT’s important strategic attributes.”

The press release went on to say that Huobi will use HT to allow holders to vote for “high-quality projects” to be listed on the platform. Huobi also mentioned expansion typically in areas with high growth potential, such as South East Asia and Europe. While also considering mergers and acquisitions.

Recently as per the WuBlockchain report on Twitter, Justin Sun-backed exchange Poloneix will merge with Huobi exchange. Notably, Justin Sun recently acquired Huobi exchange

Current position of Huboi Token