Justin Sun Destroys $50 Million Worth of Huobi Token (HT)

quick take

  • Justin Sun has executed a significant HT token burn.
  • it is a component of his larger strategy to overhaul the HT token.
  • Sun aims for HT to evolve into “a meme token devoid of any actual control by individuals.”

On Saturday, TRON founder Justin Sun revealed the most recent burn of Huobi Token (HT), amounting to millions of dollars.

HT, introduced in January 2018, serves as the native token for Huobi, a crypto exchange headquartered in Singapore. Originally established in China, the exchange has progressively extended its operations to Singapore, Japan, and South Korea subsequent to China’s cryptocurrency prohibition.

$50 Million Worth of HT Tokens Burned

On February 10, Sun provided an update on the burn via X (Twitter), verifying that 20 million HT tokens (equivalent to approximately $50 million) had been withdrawn from circulation. This action effectively decreased the circulating supply of HT to 110 million tokens.

Sun’s token burn initiative is not an isolated event but a component of a broader strategy to reshape HT into “a meme token with no actual control by anyone.” Sun envisions HT’s total supply dwindling to “tens of millions” in the future. With Sun indicating the possibility of “more HT burns in the future, totaling a value of tens of millions to one hundred million dollars depending on the price,” industry analysts are contemplating the potential long-term implications of these burns, particularly regarding the value and utility of HT tokens.

While certain individuals speculate that the burns might result in a rise in the value of HT tokens, rendering them appealing in the market, others posit that the relative scarcity of HT tokens could spur adoption and usage in DeFi and other platforms that rely on the token for diverse purposes.

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