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Huobi Token (HT) 24-Hours Trading Volume Soars By 30%: Details

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The Huobi Token (HT) trading volume has surged dramatically over the last day, by almost 30%, indicating that the token is now on the uptick.

Source: Coinmarketcap

Recent news of significant workforce reductions, mandatory stablecoin salary payments, and the shutting down of internal employee communication channels at Huobi has had a negative impact on the performance of the exchange’s native token and trading activity.

After a company representative disclosed the exchange’s intention to decrease its workforce by 20%, CoinMarketcap data reveals that the value of its HT token has dropped by approximately 11% to a low of $4.33 on January 6th from a high of $5.20 on January 1st.

Source: CoinGecko

Nevertheless, despite lots of trouble at the exchange, the token, which had fallen as low as $4.33, has begun to make a slow comeback. According to statistics from CoinMarketcap, it is presently trading at $4.86, up 2% in the past 24 hours.

Huobi Market Shares Drop To Just 4%

Kaiko’s research report reveals that in the past year, there has been a significant shift in the market share among cryptocurrency exchanges. Huobi’s market share dropped dramatically, falling from 22% in 2020 to just 4% in 2022. 

The market as a whole has seen consolidation, with Binance emerging as the dominant player in terms of trade volume among both centralized and decentralized exchanges. The largest exchange’s market share rose from 37% in 2020 to 57% in 2022, while OKX’s market share also decreased from 21% in 2020 to 9% in 2022.

Source: Kaiko

Moreover, the report also highlighted that since FTX’s collapse, USDD, the stablecoin produced by the TRON DAO Reserve and hence intimately tied with TRON founder Justin Sun, has been unable to revert to its peg.

This, coupled with token outflows worth $100mn at Sun-owned exchange Huobi due to solvency fears, saw USDD’s value drop from $0.98 to $0.97 on Friday. Sun, however, demonstrated confidence in Huobi by transferring $100mn in USDC and USDT from Binance to Huobi on the same day. 

Source: Kaiko

The report states:

While USDD could still regain its peg, Huobi faces an uphill challenge in regaining market share. When looking at the market share of trade volume, Huobi was undoubtedly the biggest loser of the crypto bear market.

Related Reading | Polygon: Whale Shuffles 9M MATIC Tokens To Binance

Huobi (HT) Burns Complete, Price Continues To Soar

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Despite the ongoing market sell-off, Huobi (HT), the native currency of Huobi Global, a market-leading Bitcoin (BTC) exchange, is trading in the green following Huobi’s tweet  on the completion of “HUGE $HT burns.”

While others in the market, including top ones, are struggling and facing lows, HT has consistently been increasing. It’s grown by 4.3% within the last 24 hours and 10% in the past week alone.

According to Nomics statistics, the token’s price is currently $7.82, with a market valuation of $1.61 billion, a gain of 2.26% over the previous 24 hours. However, CoinGecko’s statistics show that the cryptocurrency is still priced 80% below its All-Time High on May 12th of last year.

However, the token’s value has climbed by 90.8% after comparing the current price with the previous 14 days’ price history. As per the data from Coinmarketcap, the average monthly lowest price is $4.37, while the average monthly maximum price is $4.70.

HT is currently trading at $7.82 | Source: Tradingview.com

In addition, the price fluctuated during the previous 90 days from a minimum average price of $4.30 to a high average price of $4.68, a variation of almost 41.29%. However, the token has demonstrated a growth pattern over the past four months.

Huobi’s “Monthly” Burn Of HT

Huobi Global tweeted on October 19th that it had just finished burning huge amounts of Huobi Tokens (HT). It burned 295.509 Million; this accounts for 59.10% of all HT in circulation.

The exchange burned 411,000 HT in September 2022, equivalent to around $1.863 million, which is 1.23% less than in August 2022. Additionally, the total number of HTs that have been burnt as of October 15th, 2022, is 295.509 million.

Compared to September 2022, the company burned 3 million HT worth $38.881 million in September last year, an increase of 11.60% from August of the year, and the cumulative total of burned HT was 283.390 million as of November 15th, 2021.

Moreover, “HT Operations Monthly Report September 2022″ noted that the data by TokenInsight found that the company’s spot and derivative products generated more than $60.05 billion in revenue in September.

The company offers a variety of opportunities for its customers during the month of September, including the event to commemorate ETH 2.0: Join Huobi Global Trading Contest and Share the 2,000,000 USDT Prize Pool, Huobi Futures’ rollout of the super trial bonus giveaway, and others.

Furthermore, the company’s announcement on Twitter this morning also included some other exciting news for their users: for “Best service,” there is no longer a fee to trade in HT/USDD pairs.

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