Justin Sun Burns $50 Million Huobi Token (HT)

Justin Sun conducts a massive HT token burn, reducing the circulating supply to 110 Million HT.

Justin Sun posing victoriously infront of a matrix style binary code digital background.
Created by Gabor Kovacs from DailyCoin
  • Justin Sun has conducted a massive HT burn.
  • The burn is part of Sun’s bigger plan to transform the HT token.
  • Sun wants HT to become “a meme token with no actual control by anyone.”

TRON founder Justin Sun announced on Saturday the latest burn of Huobi Token (HT), totaling millions of dollars.

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Launched in January 2018, HT is the native token of Singapore-based crypto exchange Huobi. The exchange started in China before gradually expanding to Singapore, Japan, and South Korea following China’s crypto ban.

$50 Million HT Burn

On February 10, Sun shared a burn update on X (Twitter), confirming that 20 million HT tokens (worth about $50 million) had been removed, effectively reducing the circulating HT supply to 110 million.

The token burn is not an isolated maneuver but rather part of a bigger plan by Sun to transform HT into “a meme token with no actual control by anyone.” Per the founder, HT’s total supply will eventually “decrease to tens of millions.”

With “more HT burns in the future, totaling a value of tens of millions to one hundred million dollars depending on the price” coming as stated by Sun, keen observers are speculating about the potential long-term impacts of these burns, especially on the value and utility of HT tokens.

While some believe the burns could potentially lead to an increase in the value of HT tokens, making them attractive in the market, others think a relative scarcity of HT tokens may encourage adoption and usage in DeFi and other platforms that utilize the token for various purposes.

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Read about Justin Sun’s move into SHIB:
Justin Sun Accumulates SHIB in Billions, Sparking Rally Hopes

Stay updated on why Justin Sun’s Poloniex exchange ran into trouble in the UK:
Justin Sun’s Poloniex Exchange Lands in UK FCA Warning List

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.