Huobi Token Experiences 93% Price Drop in 10 Minutes, Sends Investors into Panic

Huobi Token Experiences 93% Price Drop in 10 Minutes, Sends Investors into Panic

Time Stamp: March 10, 2023 5:46 AM
Source Node: 2002543

SNEAK PEEK

  • Huobi Token (HT) experiences a sudden and dramatic drop in price, decreasing by over 93% in just 10 minutes.
  • The drop in HT’s value prompts an investigation by the Huobi Exchange, with Justin Sun attributing it to leveraged liquidation triggered by some users.
  • Justin Sun recently deposited $100 million liquidity in the Huobi platform to stabilize HT’s price.

The Huobi platform token (HT) experienced a sudden and dramatic drop in price, plummeting from $4.6 to just $0.31 – a decrease of over 93% – within the span of 10 minutes. The token’s value has since recovered to $3.87, but the sudden volatility has left investors shaken and prompted an investigation by the Huobi Exchange.

Justin Sun, founder of the TRON blockchain platform, has attributed the drop to leveraged liquidation triggered by some users, stating that it is normal market behavior and fluctuation.

The sudden and massive drop in Huobi platform token HT’s value may have been preceded by an unusual spike in sales activity. According to a tweet by a researcher at blockchain data provider Kaiko, around $2 million worth of sales were reported in the five minutes leading up to the crash, a stark contrast to the usual buys on the HT-USDT pair that typically amount to about $600,000.

In addition to this, Justin Sun has recently deposited $100 million in liquidity on the Huobi platform to protect against precipitous drops of the HT token. The deposit is intended to stabilize HT’s price as well as promote its use within the Huobi ecosystem.

One Huobi token could be acquired for a total of $3.90 at the time of this writing, representing a decrease in value of 19.37% over the course of the previous twenty-four hours. Its market cap was $631,290,269, which was a decrease of 19.53%, while its trading volume was $52,859,506, which was a rise of 325.71%.

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