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.
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.
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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