Justin Sun, the founder of the TRON blockchain, has delivered on his pledge to send $100 million USDC at around 11:30 am Hong Kong time, into the Huobi exchange’s newly established liquidity fund.
After recent sharp declines in the price of the exchange’s native token HT, the move is an attempt to increase the HuobiGlobal platform’s multi-currency liquidity.
The trading platform was in the limelight after a research report published by Kaiko revealed that Huobi’s market share dropped dramatically, falling from 22% in 2020 to just 4% in 2022.
Additionally, digital assets tied to China-born crypto billionaire Justin Sun experienced some of the biggest dips during the market’s major sell-off, raising doubts about what caused the drops.
In particular, TRON’s native token TRX and Huobi’s HT have fallen by over 14 and 20% respectively in the past 24 hours, data from coinmarketcap showed.
Sun tweeted that “leveraged liquidation on the market driven by a few users” was what led to the quick decline and subsequent comeback.
“We will continue to improve the liquidity depth of main cryptocurrencies and HT token, strengthen leverage risk warnings and liquidity capabilities,” Sun tweeted.
Sun’s close ties to Huobi have in the past given rise to numerous rumors, as the founder of Tron remained tightlipped about his precise position there.
As reported by TronWeekly, Sun was just recently publicly acknowledged to be more than merely a member of the Global Advisory Council.
In the latest attempt to broaden the adoption and usage of the TRX token, the team behind the project partnership with the Commonwealth of Dominica.
According to the official statement, the Dominica Digital Identity [DDID] and Dominica Coin [DMC] efforts will be run by TRON’s first Caribbean Digital Identity Initiative, which will also establish the Dominica Metaverse.
Another instance of a comparable pace of growth and greater adoption was also observed in terms of TRON’s network performance.
TRON Hit A New Milestone
In fact, TRON just reached a new milestone by completing 5 billion transactions successfully, demonstrating the network’s dependability and widespread usage.
TRX, however, performed poorly on the price front due to the market’s predominately pessimistic sentiment.
The 14th-ranked token has decreased by more than 12% during the past 24 hours, according to CoinMarketCap. Its price, at the time of writing, was $0.05.