Huobi only crypto coin that keeps rising

The crypto market seems to have fallen asleep in recent weeks. Ethereum and Bitcoin move within a very narrow range and barely move higher or lower. Earlier this week it became clear that Bitcoin is currently less volatile than most stock markets (which some analysts see as a very positive signal as they interpret this as a bottom that has been reached).

However, one token still goes higher. Huobi Token, the digital currency of the Huobi platform that we reported on earlier this month, climbed as high as $9 over the weekend and is trading at the time of writing for $8.71. In the past week alone, it rose 29%

The coin made headlines earlier this month when a rumor was launched that both Justin Sun and Sam Bankman-Fried would be interested in taking over the platform. Sam has consistently denied the interest, and now that FTX has become entangled in an investigation by the Texas authorities, his company’s interest does indeed seem remote.

Rug pull

Justin Sun, who previously launched the Tron coin, did take a share in Huobi and has since even admitted that he now owns millions in Huobi coins. However, this makes market commentators warn of a so-called ‘back pull’ just as the Huobi token is moving higher and higher. It wouldn’t be Sun’s first stunt of the year.

On the CoinMarketCap forum, one of them said anonymously:

Feel sorry for the suckers about to be rug pulled by the ultimate crypto con man Justin Sun. Same moron responsible for some of the flash crashes of 2021 because he over leveraged and crashed the whole market.

Sun’s fans, meanwhile, say they think the Tron founder hopes for a return for crypto in China after the Communist Party Congress. After all, Justin said in a recent interview that:

China will definitely be one of the most stronger players in the blockchain industry, even if we might have some setback or regulation hurdle in the short term. In the long term, I’m highly optimistic.”