Huobi is starting up its Prime platform next week. Huobi’s HT asset has pumped over the past month, possibly in correlation to the launch. In a recent report, CoinDesk noted the utility and price increase of Binance’ BNB asset, and the exchange’s new Lauchpad activities. CoinDesk also pointed toward Huobi Token’s (HT) recent pump, with Huobi Prime’s launch just around the corner, hosting the TOP Network (TOP) sale.
A renewed exuberance
Project asset launches on exchanges seem to be the new fad in the crypto world. Crypto Insider recently reported on Crypto Bobby YouTube host Rob Paone’s sentiment that these new offerings from Binance Launchpad may have sparked a bit of initial coin offering (ICO) exuberance again in the market. Binance’ BNB token also has done quite well this year, in possible correlation to Launchpad activity.
Now, Huobi looks to get in on the action with its upcoming Huobi Prime launch. According to the report, Huobi Prime will open up on March 26th, starting with the Top Network token offering.
Huobi Token on the platform
Concerning the Huobi Prime platform in general, CoinDesk noted: “Not only will Huobi Prime enable purchases via its native token HT, the platform will take things one step further by allowing purchased tokens to be instantly tradeable in HT markets.”
A statement from Huobi Global detailed the March 26 Top Network launch on the Huobi platform. The statement noted four “listing rules” for the Prime platform. Interestingly, the third rule speaks of a “Price Limit” to protect against “severe volatility.”
The statement explained:
To foster fair price discovery, and to avoid potential risks brought to users by severe volatility, we will introduce “Price Limit”. There will be three “Price Limit” rounds, each having 30 minutes and a price range (Highest tradable price). Users are able to trade in the pre-determined price range. In principle, the highest tradable price shall be no lower than that of previous round.”
There is a possible correlation between the new launch and a hike in price for the HT asset.
HT 2019 price action
On March 19th, Huobi’s Twitter account posted about the March 26 Huobi Prime launch. The HT asset saw a noticeable amount of price action around the same time period the tweet came out, as seen in the Huobi-Tether 4-hour candlestick chart pictured below.
Announcement: We’re happy to announce that on Tuesday, March 26,Huobi Prime, a better path to #premium coins, will go live. Among other benefits, Huobi Prime lets you #trade your coins immediately. We call it the #DPO (Direct Premium Offering) Model. Info:https://t.co/O7z2rlINK2 pic.twitter.com/lWTyjjSQo4
— HuobiGlobal (@HuobiGlobal) March 20, 2019
Additionally, the HT asset has seen a sizeable jump in price overall in 2019 so far, noted in its daily candle chart.