It seems it’s not only Binance Coin (BNB) the native currency of the largest crypto exchange by traded volume that is enjoying a stellar year as Huobi Token (HT) the native coin of the Singapore based exchange has also seen over 100 percent gains since the start of 2019.
The Huobi Token just like the BNB is used as an alternative to trading fees on respective exchanges. Exchange coins are also commonly paired with other crypto coins to increase the overall liquidity and form new markets.
Huobi Token Trading Volume Is On A High
Binance was the first to create driven demand for its native token through the launch of the Binance LaunchPad – a token sale platform where participants are required to make purchases in BNB or BTC.
The move has seen the BNB record a 145% increase since the beginning of the year, and this success has been difficult for the other competing exchanges to ignore. So, Huobi has decided to follow suit by announcing that they will be launching a token sale platform of their own by the end of the month.
The new platform will go by the name Huobi Prime and will launch on March 26. It will use the Huobi Token to facilitate transactions. Interestingly, the exchange will allow instant trading of the purchased tokens on HT markets. This news has been enough to drive interest to the Huobi Token as it has managed to record a 123% gain since the start of the year.
A glance at the HT trading volumes also reveals the newfound interest in the coin is apparent. In the past 24 hours more than $170 million worth of HT has exchanged hands.
Another exchange token Kucoin Shares (KCS) is also experiencing notable gains with a 69% growth over the year.
Can Huobi Token sustain the gains over the year? Share your thoughts in the comment section below.