Justin Sun Announces Major Burn of Huobi Token (HT)

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Famous crypto entrepreneur Justin Sun made a statement regarding Huobi exchange’s native token, HT. He announced the expectation to burn an additional 20 million HT, valued at $50 million. Sun declared that only 110 million HT will remain after the completion of the HT burn program.

Huobi’s Significant Transformation

In a post published on X, Justin Sun mentioned that there will be several more HT burns in the future, which could vary between tens and hundreds of millions of dollars depending on the price. He explained that after the burns of HT, it will become a meme token without real control and the total supply will drop to tens of millions.

Sun’s latest statements come amid the ongoing transformation of HT into HTX. In January, Huobi announced the introduction of Exchange DAO (HTX) and the opportunity for HT holders to voluntarily swap their tokens.

According to the announcement, starting from January 22, 2024, users will be able to seamlessly convert HT to HTX by logging into their Exchange accounts. The conversion period will extend until January 20, 2025, allowing users ample time to transition.

January Announcement Highlights Benefits

Huobi’s January announcement summarized benefits for users converting their HT tokens to HTX, particularly regarding transaction fees on the crypto exchange. It emphasized that the spot transaction fee rate for Prime 3 users will be set at 0.1% for both maker and taker orders. Users will also be able to take advantage of a reduced fee rate of 0.075% for both maker and taker orders by enabling the “Reduce spot fees with HTX” feature.

Sun’s latest post clarifies that the project is in the process of relinquishing control over HT. His statement that HT will become a completely decentralized meme token upon completion of the burn program has been met with interest in the crypto community. According to Justin Sun, HT will become a digital asset that is not under the control of anyone outside the community.

Justin Sun is known as a significant figure in the world of cryptocurrency. As the founder and CEO of TRON, Sun has a broad impact on the crypto community. By launching TRON, a blockchain-based platform and cryptocurrency, he promotes the development of decentralized applications (dApps). Additionally, Sun is an influencer with a large following among cryptocurrency investors, gaining popularity in the sector.

Seven hours after making his announcement, Justin Sun made a new announcement stating that the related burn had taken place.

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