In a recent development, Lookonchain, an on-chain data provider platform, has revealed in a recent X post that the cryptocurrency community is surprised by the sudden surge of HIFI Finance(HIFI). Its value has risen by around 100% in the last three days, which has caught the attention of many. HIFI is trading at $1.11, reflecting a remarkable 52.32% surge in the past 24 hours.
The price of $HIFI has skyrocketed by ~100% in the past 3 days.
— Lookonchain (@lookonchain) November 10, 2023
What is Hifi Finance( $HIFI )?
Why did $HIFI pump?
1/🧵
Here is a thread. pic.twitter.com/lOjblyYLAH
HIFI Finance, a decentralized lending protocol built on the Ethereum blockchain, has emerged as a key player in the crypto space. The platform enables users to borrow against their cryptocurrency holdings at a fixed interest rate, providing a novel avenue for financial engagement within the decentralized finance (DeFi) landscape.
At the heart of HIFI Finance’s ecosystem lies its native utility token, HIFI. Beyond being a transactional instrument, HIFI serves as a gateway for token holders to participate actively in the governance of the HIFI Finance protocol.
According to a recent report, the total supply stands at 126.25 million HIFI. Notably, the majority is in the hands of MFT holders, constituting 79.2% of the total supply, with Hifi Labs holding 19.8% and a 1% allocation for airdrops. Presently, the circulating supply of HIFI is reported at 95 million out of the total available supply of 117.93 million HIFI.
Lookonchain’s analysis revealed a significant portion of the trading volume, precisely 70.39%, originating from the Korean exchange Upbit. Moreover, it’s noteworthy that the price of HIFI on Upbit maintains a 1.2% premium compared to the prominent exchange Binance.
The ownership structure of HIFI was recently unveiled by the platform, revealing that the top 20 holders collectively own 95.76% of the total supply, which amounts to a staggering $138 million. According to data from Nansen, exchanges are major stakeholders, holding 85% of the total HIFI supply. Upbit alone holds 54.23% of the supply, equivalent to $78 million.
6/ According to Nansen, exchanges hold 85% of the $HIFI total supply.
— Lookonchain (@lookonchain) November 10, 2023
And #Upbit holds a total of 65.2M $HIFI ($78M, 54.23% of the total supply). pic.twitter.com/qtQcJsGblu
Intrigued by the HIFI Finance phenomenon, the crypto community finds enthusiasts closely monitoring the unfolding dynamics. Questions arise among observers, probing the factors fueling this unprecedented surge and pondering its broader implications for the decentralized finance landscape.
