HT surges by almost 8% amid Huobi Token conversion start

HT, the cryptocurrency exchange token for Huobi Token (HT), experienced a notable surge of almost 8% as news emerged of the creation of a decentralized autonomous organization (DAO). The conversion of HT into HTX tokens began on January 22, with the aim of transitioning to an autonomous DAO that allows users to have a say in the development of the trading platform. While the price of HT initially dropped more than 8% to $1.72, it quickly recovered to $1.90, resulting in a 7.8% increase over the past 24 hours. Users have until January 25, 2025, to convert their old HT tokens into the new HTX tokens through the exchange’s mobile app or desktop version. HTX coin holders will enjoy benefits such as a 25% reduction in spot trading commissions and a 5% reduction in futures trading commissions. The exact purpose of the decentralized organization is still unknown, but participants can contribute their ideas on the HTX DAO forum. Huobi Token had previously experienced a hack in September 2023, where nearly $8 million in Ethereum was stolen, but the stolen funds were promptly returned following HTX’s offer.