Huobi Token (HT), a cryptocurrency trading exchange asset with an overall valuation of $868 million, recorded a significant uptick in its price after an announcement made by Justin Sun, the founder of the Tron blokchain.
According to data from Coingecko, on November 29, the asset went up by 13% and peaked at $7.22 before entering a correction phase that made it return to the $6 territory.
At the time of this writing, tracking from the online crypto information provider indicates the token is changing hands at $6.63, declining by 2.9% during the previous 24 hours.
Still, the altcoin is sitting on a 20% gain over the last seven days and has tallied an impressive 44.3% jump for the past two weeks.
This momentary surge of the Huobi Token might have been triggered by news of plans to launch a new crypto project.
Sun Teases Debut Of Dominica Currency (DMC)
Using his Twitter account, Sun – who was recently appointed by Huobi to be a member of a new global advisory board – announced the launch of the Dominica coin.
The exchange platform confirmed this development with an official statement, saying that the soon-to-be-released digital asset, which will be called Dominica Currency (DMC), will be introduced to the public via the Huobi Prime – the company’s only platform for token offerings.
There was no definite timeline mentioned as to when the new crypto will be available but the Bitcoin exchange said it will be airdropped to their users.
Along this line, Huobi also said that their users can use their Dominica digital identification documents (DID) to confirm their identities in preparation for the airdrop.
This is not the first time that the Commonwealth of Dominica, an island country in the Caribbean, advanced its crypto adoption programs as it has already made TRON and its associated native tokens legal tender within its jurisdictions.
As Island Nation Anticipates, Interest For Upcoming Project Grows
Although there is no clear timetable for the expected airdrop of Dominica Currency, the excitement for it is undeniable as it comes with a utility feature that is sorely lacking for many cryptocurrencies out there right now.
For its part, the Huobi Token is expected to play a vital role for the good performance and overall success of the DMC that is pivotal in giving holders greater chances for higher return on their investments.
With this development, HT managed to surge in value. Moreover, its technical indicators are pointing at a further climb, although the volatility of the market can once again obliterate all its recent gains.
Crypto total market cap at $808 billion on the daily chart | Featured image from Crypto News, Chart: TradingView.com
