The total transactions of the TRON (TRX) network have risen to four billion after TRON founder Justin Sun was rumored to be acquiring cryptocurrency exchange Huobi.
Justin Sun Acquisition Rumors:
On October 8, Huobi disclosed that the shareholder company had transferred all HuobiGlobal shares held by the About Capital Management fund.
According to Wooblockchain, Justin Sun would spend $1 billion to purchase the stock, but Justin Sun quickly dismissed the rumors. quoted from CryptoPotato.
TRX token traded at $0.06172 at 10.19 WIB after rumors of the acquisition began to circulate, according to CoinMarketCap data. Meanwhile, TRX's market cap is currently $5,677,695,198, ranking it as the 16th largest cryptocurrency according to this metric.
Although Justin Sun denies any involvement in the share purchase, he has announced his appointment to Huobi's Global Advisory Board, which has been confirmed by the exchange company.
Total TRON Transactions Increase
Meanwhile, the news had a positive impact on TRON transactions, which increased significantly. According to TRONSCAN data from October 11, 2022, total Tron transactions in the previous 24 hours totaled 4 billion.
Source: TRONSCAN
In addition, TRON's Total Value Locked (TVL) has exceeded $12.5 billion, and the number of accounts created on the network has reached 115 million.
Huobi Token Also Up
In addition to Tron, which achieved a significant increase, the Huobi token was also observed to increase. As of the writing of this article, the token was traded at $5.12 and experienced a significant increase of up to 14.79% for 24 hours.
Source: CoinMarketCap
This positive news and price increase is a breath of fresh air for Huobi, which has been in poor health in recent months. Huobi, for example, laid off at least 30% of its employees in June 2022, citing a sharp drop in revenue as a result of the deletion of all users in China.
Huobi's derivatives trading service for New Zealand users was discontinued two months later. due to the company's inability to resolve issues with domestic regulators
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