Emerging reports show that Justin Sun might be ready to sell the Huobi exchange. TRX is not affected by the development, but HT could face severe withdrawals.
According to a new Bloomberg report, tron [TRX] founder Justin Sun may be about to sell his stake in Huobi Global, the Singapore-based exchange. Sun, who joined Huobi’s team last year to help restore the platform’s global image, has faced problems ever since.
At one point, the exchange had to lay off staff. And several times, Huobi Token [HT] faced high selling pressure as the exchange exit reached considerable highs.
The Always Present Seller in TRX and HT
Bloomberg noted that the deal was still in its early stages, as Sun had only approached a potential investor in recent weeks. Sun remains one of the company’s largest shareholders. The cryptocurrency coverage section of the news platform, though, noted that the valuation was unclear.
Interestingly, the development has had little to no effect on TRX and HT prices. According to CoinMarketCap, HT rose 0.15%, while the value of TRX rose 0.21% one hour after the public disclosure. However, if the deal goes through, both tokens may be noticeably affected.
By measuring social volume, Santiment showed that TRX skyrocketed in this regard. Social volume is based on the top activities of crypto-related channels, measuring merger trends, as well as evaluating crowd behavior.
With the metric rising to 25, it implied that TRX was a major part of the discussion around market-based forums. However, HT was on the opposing side, indicating a lack of attention toward the token.
Should the speculation prove accurate, however, HT could experience a sharp increase in social volume. And a potential boost might not be in holders’ favor, as negative sentiment could thrive as a result of potential selling.
Tron Development is Running, but HT Inactive
Nevertheless, Tron could insulate itself from such an occurrence. The operations of both projects are not intertwined. In fact, the developers operating on the Tron Blockchain appear to have increased their output.
Santiment confirmed the progress as Tron development activity increased to 2.36. In contrast, for HT, the impact could be severe, especially with market value to realized value (MVRV) status.
At press time, the token’s 30-day MVRV ratio dropped to -6.084%. This means that many of the token holders have only suffered losses in the last month.
Meanwhile, Justin Sun has been involved in selling many tokens. Recently, it received a part of the Arbitrum [ARB] AirDrop and transferred to Huobi. One possible outcome of this type of action could be an offer to sell.
TRON Price Prediction for April 2023, by CryptoPredictions
TRON started in April 2023 at $0.002386822461206 and is expected to end the month at $0.059544005400469. During April, the expected TRX price maximum is $0.10528995467555 and the minimum is $0.071597169179377.
It is worth noting that while these predictions are often some of the most accurate for TRON on the market, they should never be taken as financial advice. For the investor, it is always a good idea to do some due diligence before investing.
By Audy Castaneda
