Prominent cryptocurrency 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.
Huobi’s Strategic Token Adjustment
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.
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.
Opportunities for HT Holders
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.
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.
In a follow-up disclosure mere hours after his initial statement, Sun confirmed the execution of the announced token burn.