Cryptocurrency figure Justin Sun has been in the spotlight with recent developments concerning exchanges. His team announced a shift of some revenues from the TRON-based HTX exchange to the newly introduced HTX DAO. Huobi, a Sun-led exchange, has now declared that its native token, Huobi Token (HT), will be rebranded as HTX.
The announcement informed HTX users that the exchange is excited to list HTX DAO ($HTX) and support the conversion from $HT to $HTX. HTX DAO is a decentralized autonomous organization that will govern the HTX token, offering a token allocation to HT holders who voluntarily swap their $HT for $HTX.
The conversion service from $HT to $HTX will commence on January 22, 2024, at 08:00 UTC, with incentives for early and larger conversions. This move raises questions about Sun’s broader ambitions for the DAO.
Following the announcement, the Huobi Token price experienced a roughly 5% drop from $1.8 to $1.7, trading at $1.7112 at the time of writing. The RSI indicator also fell to 29.21, suggesting a strong selling pressure.
Moreover, the altcoin’s overall market cap and 24-hour trading volume have declined, with the market cap dropping by 10% to $310 million and trading volume decreasing by 25% to just below $23 million.