Hifi token worth has surged prior to now few days, changing into one of many best-performing cryptocurrencies this week. In accordance with TradingView, the token has jumped prior to now six straight days and is now hovering at its report excessive. The little-known cryptocurrency has jumped by greater than 490% from the bottom degree this yr.
Hifi Finance is a blockchain challenge primarily based within the Polygon ecosystem. The community goals to steer the fast-growing tokenization business that analysts imagine is price trillions of {dollars}. It additionally lets folks borrow towards tokenized belongings like actual property, crypto, and NFTs.
Hifi Finance has inked a number of partnerships prior to now few months. For instance, it partnered with Crown Ribbon to tackle the efficiency horse business. Additionally, the builders partnere with Pooled NFT, a straightforward strategy to show any NFT into passive revenue.
Crown Ribbon 🏇
We’ve partnered with @crownribbonhq to tackle the $300 Billion greenback efficiency horse business. This partnership suits completely into our formidable progress technique to trail-blaze into the realm of Actual World Property (RWAs) and disrupt industries. pic.twitter.com/pLgJtiLKhb
— Hifi Finance (@HifiFinance) September 13, 2023
It isn’t clear why the Hifi crypto worth is rising. What is evident is that the surge has triggered the largest brief liquidations on report. Knowledge by CoinGlass exhibits that the whole brief liquidations rose to over $854k on Thursday after rising by $476k on Wednesday.
Brief liquidations occur when exchanges are pressured to shut brief trades when a worth rises. In most intervals, these liquidations are normally seen as a bullish factor.
In the meantime, different information exhibits that Hifi Finance’s open curiosity within the futures market rose to a report excessive. In greenback phrases, this open curiosity rose by greater than 377% to greater than 57%. This curiosity is solely from Bybit, one of many largest exchanges within the business.
One more reason why the Hifi Finance worth is rising is that this can be a brief squeeze. A brief squeeze occurs when an asset, typically a thinly-traded one like Hifi, surges. As this occurs, many short-sellers are punished.
Due to this fact, it’s unclear whether or not the Hifi token worth will proceed rising. In most intervals, these surges are inclined to final for a brief interval.
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