Huobi’s HT token, the native token of the cryptocurrency exchange, took an unexpected dip Thursday of 93% for an unknown cause.
Almost as quickly as it dropped, it rebounded.
The token fell from a 24-hour-high of $4.81 to a low of $0.31 on Huobi’s exchange, according to TradingView’s pricing source. Other exchanges experienced a similar price drop.
Five minutes prior to the crash, $2 million worth of sales were reported, a researcher at Kaiko tweeted. Normally, buys on the HT-USDT pair reach approximately $600,000.
At the time of writing, the token had already recovered and was trading at $3.70 on Huobi. It is down about 24% in the past 24 hours.
The dramatic price movement was noteworthy because HT is one of the larger cryptocurrencies, with a market capitalization of about $630 million (post-rebound). Crypto traders observe the token partly because Justin Sun, the founder of the Tron blockchain, has revealed that he’s a significant holder – not to mention a leader of the exchange’s strategy.
Sun, in a tweet, said the Huobi exchange’s operations are safe, along with its wallets and backend. In a subsequent tweet, he apologized for the “leveraged liquidation on the market caused by a handful of users,” and said Huobi will create a $100 million fund to enhance multi-currency liquidity.
UPDATE (March 10, 2023 00:53 UTC): Contains an addition comment from Justin Sun in the final two paragraphs.
UPDATE (March 10, 2023 02:01 UTC): Adds additional comment from Justin Sun.
