Huobi announces the completion of the HT token burning process
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Answer Huobi announces the completion of the HT token burning process
It seems that Huobi’s HT coin burning coincided with the time of the Binance BNB burn that we talked about in the headline:
After the BNB cryptocurrency burning… Find out about the profits of the Binance platform in the last quarter
According to a press release, Singapore-based Huobi is continuing the process of burning HT tokens to reduce the overall volume of its coin.
It recently burned $40.63 million worth of HT coins programmed in the third quarter of this year
This represents 70.6% compared to the previous year.
Huobi buys back HT tokens from investors in order to reduce the circulating supply and to keep the price of the coin stable.
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It is worth noting that the amount of tokens that Huobi burns every three months depends on certain market conditions.
The company cites the success of spot trading and derivatives trading markets as one of the main reasons for the burn.
The HT token, which is an acronym for “Huobi Token”, is the second largest token belonging to an exchange after Binance.
The unit price is estimated at $3.43, and the total market value is estimated at $803.4 million, making it ranked 16th on the coinmarketcap website.
stated Huobi CEO that the HT cryptocurrency plays an essential role in the Huobi ecosystem, stating that:
Huobi Token plays an integral role in the Huobi ecosystem.
The continued growth of Burning operations reflects the active participation of the community and optimistic expectations of our efforts to provide users with new services, low fees and a safe platform to trade on.
Thus, the Huobi platform has burned 13.8% of the currencies available for trading
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Thus, the trading offer of the HT coin is estimated at: 234,205,522.92 HT units.
Read also:
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