Token

TRON

Huobi Token

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/huobi-token-undergoes-major-reduction-by-justin-sun" rel="noopener noreferrer nofollow">Huobi Token Undergoes Major Reduction by Justin Sun</a><br></p>
<p style="text-align: justify">Prominent <a href="https://en.bitcoinhaber.net/crypto-market-gears-up-for-a-promising-2024" rel="noopener noreferrer nofollow">cryptocurrency</a> entrepreneur Justin Sun has recently asserted that a significant reduction of Huobi’s native token supply is underway, with a projection to incinerate 20 million HT tokens, corresponding to a market value of around $50 million. Post-burn, the residual quantity of HT tokens in circulation will be capped at 110 million.</p>
<h2 id="huobi-s-strategic-token-adjustment">Huobi’s Strategic Token Adjustment</h2>
<p style="text-align: justify">Sun shared insights into the planned future of the HT token, indicating that subsequent token burns will continue, potentially reaching values between tens and hundreds of millions of dollars. The aim is to metamorphose HT into a meme token, devoid of direct control, with a greatly reduced total supply.</p>
<p style="text-align: justify">This decision aligns with the ongoing transformation of HT into a new entity known as HTX. The introduction of the Exchange DAO (HTX) was first announced in January, alongside an invitation to HT holders to voluntarily exchange their tokens for HTX.</p>
<h2 id="opportunities-for-ht-holders">Opportunities for HT Holders</h2>
<p style="text-align: justify">The process for token conversion is scheduled to begin on January 22, 2024, permitting users a full year to convert their HT to HTX through their exchange accounts. Additionally, the January announcement highlighted potential benefits for those transitioning to HTX, particularly in terms of reduced transaction fees on the crypto exchange.</p>
<p style="text-align: justify">Further emphasizing the project’s progression, Sun’s latest remarks reiterate the intention for HT to become a fully decentralized meme token. The agenda to remove any centralized control over HT has sparked curiosity and discussions within the cryptocurrency community circles. Sun, recognized for his influential status and substantial contributions to the industry through the TRON platform, is steering HT towards becoming a community-driven digital asset.</p>
<p style="text-align: justify">In a follow-up disclosure mere hours after his initial statement, Sun confirmed the execution of the announced token burn.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/huobi-token-undergoes-major-reduction-by-justin-sun" rel="noopener noreferrer nofollow">Huobi Token Undergoes Major Reduction by Justin Sun</a></h5>

Huobi Token Undergoes Major Reduction by Justin Sun

Table of Contents

BH NEWS

Other articles published on Feb 10, 2024

Avalanche Price on Track to Reclaim $40 Despite Token Unlocking Concerns

Expert Analyst Predicts Strong Bitcoin Comeback

Solana and Cardano’s new competitor primed for a 1000% breakout in 2024 is priced at just $0.11 t...

Three Essential Cryptocurrencies for 2024: Meme Moguls (MGLS), Kaspa (KAS), and THORChain (RUNE)

Why Terra Luna Classic (LUNC) Price Is Going Up: 5 Key Factors

Cardano (ADA) early investors says avoid Polkadot (DOT) & Ethereum Classic (ETC) but buy DeeStrea...

Join our free newsletter for daily crypto updates!