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Huobi Will Burn Huobi Tokens In 2019

huobi operates in Korea

Huobi cryptocurrency exchange will begin to buy back and burn Huobi Tokens (HT) tokens in the 1Q of 2019. The majority of market users voted on this one.

Voting was conducted from December 3 to December 6, 2018, 72 million users took part in it. 19.01% of the votes cast for conducting the Airdrop campaign (free cryptocurrency distribution), and 80.99% of the exchange's customers cast their vote for burning tokens.

Representatives of Huobi said that all Huobi Tokens coins that bought back in 4Q2018 had distribute among the Airdrop participants. Starting from Q1 of the next year, the exchange will burn tokens in order to reduce the number of coins in circulation to increase their value. If the HT demand does not decrease then the rate of cryptocurrency should rise.

As an example, Binance cryptocurrency, which quarterly buys back Binance Coin (BNB) tokens and then burns them. Over the year (from December 10, 2017 to December 10, 2018), the BNB rate doubled from $ 2.39 to $ 4.81. For comparison: Bitcoin fell over the same period by 74% (from $ 13.960 to $ 3.564). This fact confirms that the coins burning has a positive effect on the cost of cryptocurrency.