To the surprise of many investors and traders, Hifi Finance soared despite being delisted on a crypto exchange a few weeks ago. The token registered triple-digit gains during the past 24 hours.
The Hifi Finance, which is a lending and borrowing protocol that allows traders to finance at a fixed rate, appreciated by more than 550% during the past 24 hours despite being delisted on the Binance exchange.
Hifi Finance token was delisted with two other tokens: BakeryToken (BAKE), Self Chain (SLF), on September 17 during a periodical review by the exchange. The Binance official announcement read, “At Binance, we periodically review each digital asset we list to ensure that it continues to meet a high level of standard and industry requirements. When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it. Our priority is to ensure the best services and protections for our users while continuing to adapt to evolving market dynamics. ”
Why is Hifi pumping?
Increased institutional and retail interest in fixed interest rates in a Defi space, which is abundant with varying rates.
Hifi Finance is a unique model that has a fixed interest rate in the Defi realm, where most lending has varying interest rates. The increasing trading volume of the HIFI suggests that the traders and investors favor the fixed interest rates rather than the widely available variable rates.
Top 10 holders of HiFi tokens hold almost two-thirds of the circulating supply
According to LunarCrush, an analytical platform, the mentions on social media for this token have also risen. This goes on to say that the community is excited, and HIFI is a topic that the crypto community is interested in, another catalyst boosting the price.
After an insane price appreciation from $0.05 to $0.5, within just a day, there was one crypto netizen who was very suspicious about the token gaining more value. The netizen advised his followers to exit the market without being greedy. After all, Binance does not delist a token without a concrete reason.
