In a striking new development, the value of HiFi Finance (HIFI), a decentralized lending protocol based on the Ethereum blockchain, has encountered an astonishing 100% surge in just three days. The sudden spike in HIFI’s worth has turned into a point of convergence of interest inside the cryptocurrency community, provoking analysis to reveal the main thrusts behind this surge.
HIFI, the native utility token of HiFi Finance, plays a crucial role in empowering holders to take part in Hifi governance effectively. Operating on the Ethereum platform, Hifi Finance extends individuals the valuable chance to borrow against their cryptocurrency holdings at fixed interest rates.
Here’s a closer glance at HIFI’s tokenomics and what it reveals:
- Total Supply: 126.25M HIFI
- MFT holders: 100M HIFI (79.2%)
- Hifi Labs: 25M HIFI (19.8%)
- Airdrop: 1.25M HIFI (1%)
With the ongoing total supply standing at 117.93M HIFI and the circulating supply at 95M HIFI, insights from Nansen show that exchanges hold a significant 85% of the total HIFI supply. Especially worth notably is Upbit, holding 65.2M HIFI. Of course , this is equivalent to $78M and thereby constituting 54.23% of the total supply.
Lookonchain data delves further into the distribution of HIFI tokens as reveals below:
- The top 20 holders of HIFI possess a total of 115M HIFI ($138M), accounting for 95.76% of the total supply.
- Also, Upbit contributes significantly to the trading volume, with a massive 70.39% coming just from this Korean exchange.
- Lastly, The price of HIFI on Upbit is observed to be 1.2% higher than on Binance.
The surge in HIFI’s price appears to be impacted by a blend of factors like the uplifted trading activities on the Upbit exchange, price disparities across various exchanges, and a concentrated ownership structure with a limited number of addresses. Of course, unmistakably among exchanges. As the market closely observes HIFI’s next direction, these dynamics keep on shaping its short-term market performance.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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