- Huobi Token could see another round of depletion after unusual outflows on the exchange.
- Justin Sun, Exchange director, tweeted that the exchange was not concerned about the FUD.
The Huobi Global exchange exchange token. Houbi Token [HT] The exchange experienced massive outflows and the exchange lost 9% of its value. The DeFiLlama estimates that $75 million was transferred from the Houbi platform to its shores in just 24 hours.
DeFi reported that the exchange had seen an increase in volume since 15 December. Since then, however, $204.65 Million has been withdrawn cumulatively.
Huobi experienced an inflow of $87.9m on December 15, 2009. Since then, Huobi has received $204.65m in outflows. $75.1m of these were in the past 24 hours. pic.twitter.com/3ADObzSe5l
— DefiLlama.com (@DefiLlama) January 6, 2023
Read Huobi Token’s [HT] Price Prediction 2023-2024
What’s the deal with Houbi Token?
Rumours about internal problems within the exchange led to the token’s plummet. A few days ago, speculation arose that executives at the firm were forcing employees to accept cryptocurrency payments.
Director at the exchange TRON [TRX] Justin Sun, the founder of Reuters, stated that the company was making structural changes. Reuters in turn. translated These adjustments would have resulted in a 20% reduction in staff. Sun, however, declined to confirm the idea or rebut it.
CoinMarketCap was at press time revealed The HT fell 26.27% over the past 30 days. The token was briefly revived and maintained a decrease of 0.68% in the final hour. The daily chart showed that the chances of further decline could increase in the coming days.
This was confirmed by the Directional Movement Index’s (DMI) indications. At the time of writing, the positive DMI (green), was 8.87. Contrarily, the negative DMI was red at 36.16.
It is possible that HT will not see a significant price decline with this position. The Average Directional Index, in yellow, maintained the -DMI position at 42.71. Relative Strength Index was also at 32.21, which indicated that it was oversold. It is possible that a significant recovery will not occur.
Are your holdings turning green? The HT Profit Calculator is available.
The Sun in CZ’s shoes
Sun, who joined the Huobi team only last year, called ongoing rumors FUD. Sun indirectly responded. taunted Binance CEO CZ, who recently witnessed something similar. He said that
“It’s important to recognize that the world of crypto can be volatile and uncertain at times. There will always be ups and downs, and it’s easy to get caught up in the fear, uncertainty, and doubt (FUD) that can come with it.”
In follow-up tweets, TRON’s founder said that the exchange was doing its best to overlook these sorts of “distractions”. Instead, the exchange’s focus was on meeting the needs of its users.
Huobi’s strategy is to ignore FUD and keep building. Our mission is to be true to ourselves, invest in security and technology, and listen to our users. This allows us to provide a trustworthy and reliable platform for users to buy, trade, and transfer cryptocurrency.
— H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) January 6, 2023
TRON’s stablecoin, USDD, also seemed to be affected by the drawdown as it lost its peg to the dollar. This was Not the first time The stablecoin was the victim of irregularities. At press time USDD’s value It was $0.98