on 15 July, revealing the state of its revenue and the percentage allocated for burning. During the second quarter of 2023, the cryptocurrency exchange burned an impressive 1,950,555 HT. This burn accounted for 20% of Huobi’s revenues, indicating that its Q2 revenue amounted to approximately $26.91 million. Comparatively, the revenue for Q1 stood at $16.55 million.
With this recent burn, the cumulative total of HT burned by Huobi has reached a substantial figure of 298,940,224 HT as of 15 July, 2023. This move highlights the exchange’s dedication to reducing the circulating supply of HT and potentially boosting its value in the process.burn, the price trend of the token on the daily timeframe chart appeared lackluster. The chart indicated a nearly flat trend, suggesting limited trading activity. As of this writing, HT was trading at around $2.
Notably, the chart demonstrated that HT closely followed its short Moving Average , which acted as immediate resistance. On the other hand, its long Moving Average served as a more substantial resistance in the $3.9 price range, indicating a long-term barrier.The positioning of these Moving Averages also hinted at HT’s current poor price trend. Despite this, the token remained in a bull trend, albeit weak, as indicated by its Relative Strength Index.