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Is Huobi Token (HT) still a good hold?

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  • Huobi burns 3,000,000 tokens in September. 

  • HT maintains a flat graph.

  • HT is still about 70% below the previous ATH. 

The Huobi Global cryptocurrency exchange launched the Huobi Token (HT) in January 2018. HT operates on the ethereum ERC-20 chain. It functions to reduce trading fees and commissions on the cryptocurrency exchange

The Huobi Global cryptocurrency exchange has a phenomenal team behind it. 

Leon Li, a former engineer at Oracle and proponent of Bitcoin, established the Huobi group in 2013. 

Jun Du, the co-founder of AToken and Chainup, also became a co-founder of the Huobi Global group. 

Later in 2018, Herbert Rafael Sim, the founder of Crypto Chain University and a contributor to the development of Forbes, also joined the group. 

Huobi Token’s (HT) price ranges between $9.68 and $10.10 currently. It hit an all-time low of $0.8897 on January 30, 2019, and an all-time high of $39.81 on May 12, 2021. HT has a daily trading volume of about $120 million. 

HT daily candlestick chart (Source: Tradingview)

HT is yet to recover from the massive sell-off that started on the 13th of May 2021. Despite burning 3,000,000 tokens valued at approximately $38.88 million in September the cryptocurrency is still yet to show any significant sign of recovery.

Huobi Token (HT) has a maximum supply of 500 million. Only about 32% (159 million) is in circulation. It has a market cap of about $1.5 billion. HT is ranked in 83rd place on CoinMarketCap.

Users who buy and hold the HT get exclusive access to some privileges on the Huobi Global exchange platform. With each new coin listing on this platform, holders get airdrops or bonuses on their wallets. Also, as a holder, you get reduced transactional fees and commissions. 

Summary

HT has experienced some massive sell-off in the past couple of weeks. Judging from what happened with the Binance coin, tokens that are owned by cryptocurrency exchange platforms are bound to do pretty well. 

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