Justin Sun announced HTX Global’s $2.05 billion trading volume in 24 hours, surpassing Coinbase.
TRON founder Justin Sun announced on X that Coinbase, the American cryptocurrency exchange, now has a formidable rival in the form of HTX Global. Sun’s X article highlighted HTX Global’s dramatic surge in trading volume, claiming it had surpassed Coinbase’s.
More specifically, the chart demonstrated that HTX Global recorded a spot trading volume of up to $2.05 billion in a span of twenty-four hours. Coinbase exchange immediately followed, reaching $1.5 billion. For the first time, the cryptocurrency exchange is experiencing a surge of this magnitude, surpassing the renowned company under Brian Armstrong’s management.
OKX and Bybit, which had $2.6 billion and $3.8 billion, respectively, were the only cryptocurrency exchanges that were able to beat HTX to that extent. It is possible that the important milestone is a result of the numerous activities that are now taking place on the platform.
HTX announced a charitable act roughly two months ago. The organization pledged to donate all the funds generated by Slerf Trading on HTX Global. The purpose of this donation was to reimburse private sale participants and contribute to Slerf’s trading fee mining on HTX.
It’s important to consider that this platform has been outperforming its competitors over the past few months. On the other hand, many crypto fans believe that Sun does not engage with HTX as frequently as he ought to, despite the fact that he is a global advisor to the protocol.
In February, Sun made the decision to disclose his ownership on the HTX exchange in an effort to debunk the myths that have been circulating about his occasional activities on the platform. The founder of TRON has maintained contact with HTX beyond his time at Huobi, the prominent cryptocurrency exchange that subsequently rebranded to HTX.
On the other hand, Coinbase is currently facing numerous regulatory challenges. It is currently pursuing litigation against the Securities and Exchange Commission (SEC) of the United States of America. The regulator and the exchange submitted a motion to the Southern District of New York last week, seeking an order to seal certain secret information.
The motion demands the confidentiality of the material in question. Judge Katherine Polk Failla accepted the combined motion to seal documents. In their respective filings, both parties provided an explanation of the reasoning behind their desire to withhold the disclosure of certain documents.
The paper primarily contains detailed financial operations, internal compliance procedures, and strategic business strategies. The United States Supreme Court recently issued a ruling against Coinbase regarding a disagreement about the $1.2 million Dogecoin prize that will take place in 2021. It is possible that not a single one of these occurrences was responsible for the modest increase in its spot trading volume.