Hifi Token Drops 66% from ATH After Massive Weekend Pump

The Hifi Finance token has now plummeted 66% after recently capturing a new all-time high of $2.61 over the weekend.

The native token for Hifi Finance, an Ethereum-based lending and tokenization protocol, was the center of attention for a large chunk of crypto traders on a busy weekend.

The sharp price action for Hifi was largely linked to a flurry of listings on cryptocurrency exchanges. BitMart listed Hifi on Sept. 14, with Poloniex taking the same step two days later. 

While both exchange listings coincided with an uptrend for Hifi tokens, the l aunch of Hifi perpetual contracts on Binance on Sept. 16 saw the asset enter a sharp downtrend, with traders able to short the asset by up to 20x.

Meanwhile, a listing on HTX (formerly Huobi) on Sept. 17 was not enough to spark a market reversal for Hifi. 

According to CoinMarketCap, trading volume for the asset has dropped 54% in the past 24 hours to $540 million, while its market capitalization now sits at $83 million, down 27% within the same timeline.

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