The native token hosted by the Huobi exchange, the HT token recently suffered from a major crash. The downtrend was something that the HT token community had not imagined in the first place.
However, the value of the asset turned in the negative direction all of a sudden, and the entire HT community was in a state of shock.
HT Token Plunged by 90%
The Thursday trading session turned out to be a huge test of patience for the entire HT community. This is because the trading price of the HT token plunged by 90%.
No one had imagined that the price of the asset could fall to such a lower level. In a matter of minutes, the trading price of the asset had plunged to a low of $0.31.
Prior to the great plunge, the trading price of the HT token was at a high of $4.6 per HT. The data from TradingView shows that the trading price of the asset plunged to the bottom in a matter of 10 minutes.
However, the price of the HT token managed to recover following the great dip. As the price of the asset recovered, it went to a high of $3.81 per HT, and it is still hovering at that level.
This was a huge push for the just when it had fallen to a very low level. Despite experiencing a great surge, the price of HT is still 20% lower than the price that was recorded for HT prior to the plunge.
TRX Experienced a Plunge as Well
Just as the trading price of the Huobi token plunged, other tokens linked with the Huobi exchange faced the same fate. It was the TRX token from Tron, which ended up facing a price dip as well.
The data shows that the trading price of the TRX token also recorded a plunge that was more than 12%. It is the native token of the Tron network, which was found by Justin Sun.
Prior to the plunge, the value of the TRX token was at a high of $0.066. As the selling spree was recorded, the trading price of the TRX token fell to a low of $0.057.
Huobi Executives have Provided Assurances
Despite the HT token facing demise, the teams behind the Huobi exchange made a statement about the matter.
They claimed that it was nothing to be worried about as their operations were running safely and without any interruptions.
They went on to dismiss the fears and concerns that were raised by the HT communities in the first place. The executives claimed that it was nothing to be worried about and suggested that it was somewhat of a normal behavior of the market.
Justin Sun Clarified the Matter
With the HT token price plunging to the bottom level, the entire HT community was concerned. They wanted answers and the Huobi exchange was not providing any.
This is when Justin Sun, who also happens to be one of the largest holders of Huobi exchange’s native token, released a statement.
He addressed the matter by providing transparency on the recent downtrend of the token. As per him, it was due to the liquidation activity of some of the users who sold their holdings in the HT contract and spot markets.
The activity resulted in pulling HT’s trading price to a very low level.
He further revealed that he had launched a liquidity fund that was worth $100 million to ensure that the exchange faced no more liquidation issues.
Justin Sun had reportedly transferred $100 million worth of USDC to the Huobi exchange’s liquidity fund. This is what helped push the liquidation of the Huobi exchange higher and helped in the recovery of the token.
Even though the HT token price plunged, it was a huge gaining opportunity for investors. The exchange revealed that in a matter of minutes, the investors accumulated over $2 million worth of HT tokens.
