Huawei has contributed to the growth of a little-known cryptocurrency by 282%

Colin Wu, a well-known crypto journalist, reported that the Chinese tech giant Huawei contributed to the growth of the little-known cryptocurrency. The company’s press service has released a commercial about the Defactor (FACTR) fintech project.

«@defactor_ is a start-up that bridges traditional financing to the new world of #DeFi. Check out their journey at the Huawei International Scale-Up Program in Ireland delivered by @dogpatchlabs. Watch now: https://t.co/yVwZuyPx0O

— Huawei (@Huawei) February 21, 2023

The expert noted that the token’s price jumped by more than 282% in 24 hours.

Huawei, one of China’s largest companies, has released a promotional video about the Defactor project, which has risen by more than 282% in 24 hours. A new address created less than 13 days ago bought about 200,000 FACTRs 12 days ago and sold them all today for a profit of nearly $ 25,000.

— Wu Blockchain (@WuBlockchain) February 23, 2023

Wu went on to say that the anonymous crypto wallet address, which was created 13 days ago, purchased FACTR virtual assets just a day after the account was registered. The anonymous account had about 200,000 FACTR tokens on its balance sheet. Immediately after the rapid rise in value, the owner of the digital vault sold all the coins, making a net profit of $ 25,000.

In addition, several other buyers of FACTR were registered and made a good profit. The Twitter community suggested that Colin Wu was hinting at insider trading.

It is worth noting that no other DeFi project has managed to demonstrate such a high profitability over the past day. The Stacks token (STX), which has also recently attracted the attention of investors with its sharp jump in price, has risen by 23.4% and is trading at $ 0.849. The market capitalization of the virtual asset was fixed at $ 1.15 billion. Traders made deals with the digital currency worth $ 744.21 million. Over the previous four weeks, the value of the asset has increased by almost 120%, making it one of the most efficient cryptocurrencies.