Huobi’s eponymous coin has risen over 50% this week, defying worries of a government crackdown.
Huobi’s exchange token, HT, has increased by 15% today, bringing its weekly gain to 47 percent. Despite the fact that Huobi has disbanded a Beijing-based corporate entity following the Chinese government’s most recent crackdown on crypto-related commercial activity, the market has rallied. The news appears to have had the opposite effect on the price of HT, illustrating crypto’s apparent antifragility once again.
Why is HT rallying and what is Huobi?
Huobi is one of the world’s major cryptocurrency exchanges. Huobi was started by Leon Li in Beijing, China, and today operates under the Huobi Global brand all over the world. Despite China’s ongoing efforts to prohibit cryptocurrency trading within its borders, Huobi is said to process over $1 billion in trades every day.
Huobi Token allows Huobi customers to pay lower transaction fees and even purchase VIP status on the market. Holders can also vote on governance initiatives and participate in buyback schemes to earn rewards. The value of HT is intrinsically related to Huobi’s performance and reputation, although future developments may have an impact.
Should I buy HT right now?
Huobi Token is gaining traction, with a gain of nearly 50% this week. A daily increase of 15% demonstrates strength, especially given the fear, uncertainty, and doubt (FUD) surrounding China’s crypto crackdown.
If Huobi continues to gain popularity around the world, the value of HT will very certainly rise. Furthermore, like HT, competitor exchange Binance’s Binance Coin (BNB) began as a utility token and has now grown into the market’s fastest-growing decentralized finance (DeFi) ecosystem. If HT implements unique features like BNB, its present pricing of $11.11 may appear to be a bargain in the future.