HIFI has become the unlikely star of the derivatives market, with activity exploding just days before Binance removes the token from its platform.
Speculators poured into contracts tied to the asset, driving volumes to more than $6 billion in a single day — a staggering surge that eclipsed many larger cryptocurrencies.
A Sudden Leap Into the Big Leagues
On Saturday, data providers ranked HIFI futures among the ten most-traded derivatives in crypto, placing it ahead of well-established networks like Cardano and Avalanche. Open interest — the measure of unsettled contracts — also more than doubled, reaching $113 million. Analysts say such jumps are a sign of traders bracing for sharp price swings.
The bulk of the frenzy unfolded on Binance, where over $2.7 billion in contracts changed hands. Bybit and Bitget picked up significant flows as well, though neither matched Binance’s dominance. The exchange also held the highest open interest, underscoring its grip on HIFI trading even as it prepares to delist the token.
Speculative positioning quickly spilled over into spot markets. HIFI rocketed more than 200% in a single session, settling near $0.47 after spiking as high as $0.81 earlier in the week. That capped a run of nearly 650% gains since the beginning of September, underscoring how structural changes like delistings can create sudden, intense volatility.
Team Stays the Course
While traders chase short-term profits, the project’s developers struck a calmer tone. In a statement, the HIFI team acknowledged community concerns but said its focus remains on supporting users, keeping infrastructure online, and honoring obligations.
Built on Ethereum, HIFI operates as a decentralized finance protocol specializing in fixed-rate borrowing against crypto and real-world collateral. As of late summer, it had over $20 million locked in its ecosystem and a DAO treasury worth just above $5 million.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/traders-pile-into-hifi-ahead-of-binance-exit-prices-explode-650-in-september/