On December 14, Justin Sun’s exchange Huobi released the November 2022 HT Token Performance Report. The report stated that in November, Huobi burnt 266,000 HT tokens (approximately 1.782 million USDT), which was an increase of 15.94% compared to October. This suggests that Huobi’s revenue for the month was around 8.9 million US dollars.
Huobi will continue to quarterly ‘burn’ HT tokens, using revenue generated from commission fees, listing fees, and other operations. This would ultimately reduce the total supply of HT tokens in circulation, while also demonstrating Huobi’s commitment to its token economy.
Furthermore, Huobi pointed out that it is committed to rewarding users who hold HT tokens with benefits such as discounted fees, exclusive airdrops, and other promotional activities. This is expected to increase the value of HT tokens in the long run.
Huobi has also announced that they will be implementing an upgraded HT burning mechanism, which will come into effect in the first quarter of 2023. According to the new mechanism, the number of HT burned in October, November, and December 2022 will be announced on January 15th and the number of HT burned in the first quarter of 2023 will be published on April 15th. This is expected to ensure a higher level of transparency for the HT buyback process, which in turn should help improve investor confidence in Huobi’s token economy.
Overall, Huobi has shown its commitment to creating long-term value from its HT tokens and to providing a better experience for users. It will be interesting to see how the market responds to this new HT burning mechanism in the future.
HT technical outlook?
At the time of writing, HT trades at $6.2 and is ranked 41st in the market cap rankings. HT has seen strong price action over the past few weeks and appears to have found support around $4.2 It is currently trading above $6.2 and appears to be on the rise.
Technical analysis suggests that HT could potentially reach a high of $7.5 in the near future, although this is subject to further market conditions. With strong fundamentals and recent developments, HT looks poised for growth over the coming weeks and months.
Conclusion
Huobi‘s recent report on HT token performance for November and its plans to continue quarterly ‘burning’ of HT tokens is an attempt to reduce the total supply in circulation, while also rewarding users who hold HT tokens with benefits. The upgraded burning mechanism should ensure that the buyback process is more transparent, which could help improve investor confidence in Huobi’s token economy. From a technical perspective, HT is currently trading above $6.2 and could potentially reach a high of $7.5 in the near future.
