Q3 Earnings Alert! Plan early for this week’s stock reports with all key data in 1 placeSee list

Hifi Finance token sees sharp fluctuations amid exchange listings and contract launch

EditorAmbhini Aishwarya
Published 09/18/2023, 07:32 AM
©  Reuters
ETH/USD
-

Hifi Finance, a decentralized finance (DeFi) protocol based on Ethereum, has experienced significant volatility in the value of its native token over the past week. The token's value peaked at an all-time high of $2.61 before experiencing a drastic 66% drop to $0.88 over the weekend.

The sharp fluctuation in Hifi's value is largely attributed to its recent listings on several cryptocurrency exchanges. On Tuesday, BitMart listed the Hifi token, followed by Poloniex on Thursday. These listings coincided with an increase in the value of the Hifi tokens.

However, Friday's launch of Hifi perpetual contracts on Binance sparked a rapid decrease in value. This development allowed traders to short the asset by up to 20 times. Despite being listed on HTX (previously known as Huobi) on Saturday, the Hifi token could not regain its upward trend.

Data from CoinMarketCap shows that Hifi's trading volume has decreased by 54% in the last 24 hours to $540 million. Similarly, its market capitalization has fallen 27% to $83 million within the same period. Less than two days ago, at its zenith, Hifi's market cap was close to $250 million and its trading volume reached as high as $1.07 billion.

Hifi Finance, formerly known as Mainframe before rebranding in 2021, offers lending for crypto assets and tokenization of real-world assets. The total liquidity on the Hifi Finance lending and borrowing market currently stands at $262,000. Additionally, Sablier, a DeFi protocol acquired by Hifi Finance in 2020, has approximately $4.5 million in total locked assets.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.