Huobi Token could lose another round of its already depleted value after the exchange experienced an unusual outflow.
Exchange executive Justin Sun tweeted that the company was not concerned about the FUD.
The exchange token of the Huobi Global exchange, Houbi Token [HT] dramatically lost about 9% of its value after the stock market witnessed a huge outflow. More than $75 million has left the banks of the Houbi platform in the past 24 hours, according to the DeFiLlama.
The DeFi aggregator reported that the exchange had improved volume on Dec. 15. But since that time, a cumulative $204.65 million has flowed out.
On Dec. 15, Huobi saw an inflow of $87.9 million. However, it has since experienced a total of $204.65 million in outflows, with $75.1 million of those in the past 24 hours alone. pic.twitter.com/3ADOBzSe5l
— DefiLlama.com (@DefiLlama) January 6, 2023
Read Huobi Tokens [HT] Price prediction 2023-2024
What’s going on with Houbi Token behind closed doors?
The token drop was a result of rumors circulating about internal challenges within the exchange. A few days ago, there was speculation about company executives forcibly asking employees to accept payments in crypto.
Also director at the exchange and TRON [TRX] founder, Justin Sun, said the company was making structural adjustments. Reuters in turn translated the adjustments mean a 20% layoff. However, the news provider noted that Sun had declined to confirm or rebuke the idea.
At the time of writing, CoinMarketCap revealed that HT is down 26.27% in the last 30 days. But the token revived briefly, maintaining a 0.68% decline in the past hour. However, the daily chart’s odds showed that more decline could be coming in the coming days.
This was proven by the indications of the Directional Movement Index (DMI). At the time of writing, the positive DMI (green) was 8.87. In contrast, the negative DMI (red) was far above it at 36.16.
With this attitude, it may not be long before HT registers a price drop. In addition, the Average Directional Index (ADX), in yellow, kept the -DMI position high at 42.71. In addition, the Relative Strength Index (RSI) indicated an oversold level at 32.21. Therefore, a remarkable recovery is unlikely.
Source: TradingView
Are your positions flashing green? Check the HT profit calculator
The sun in CZ’s shoes
Sun, who only joined the Huobi team last year, called the ongoing rumors nothing but FUD. Indirectly reacting, Sun taunted Binance CEO CZ, whose exchange recently experienced something similar. He said,
“It is 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 the exchange was doing its best to overlook these kinds of “distractions”. Instead, the focus was on continuing to meet the demands of its users.
In conclusion, at Huobi, our strategy is to “ignore FUD and keep building.” By staying true to our mission, investing in technology and security, listening to our users, we are able to provide our users with a trusted and reliable platform to buy, sell and trade cryptocurrency.
— HE Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) January 6, 2023
TRON’s stablecoin, USDD, also appeared to be affected by the inclusion as it lost its peg to the dollar. This was not the first time that the stablecoin was the victim of irregularities. At press time, USDD value cost $0.98.
This post Kan Huobi Token [HT] Overcome FUD as the exchange’s outflow exceeds $75 million
was published first on https://ambcrypto.com/can-huobi-token-ht-overcome-fud-as-exchange-outflow-exceeds-75m/
