Hifi Finance ($HIFI): Would $0.3 Be the Altcoin’s Last Defense?

• At press time, HIFI was worth $0.8564 after its price slipped by more than 32% in one day.
• The altcoin’s drop was likely attributed to Binance’s introduction of the HIFI perpetual contract and Korean trading habits.
• HIFI will have to close today above $0.8075 to prevent further price drops to as low as $0.3.

The price of Hifi Finance (HIFI) experienced a significant decline following an impressive seven-day surge. The notable increase in HIFI value was directly tied to the substantial surge in trading volume the asset witnessed on the Upbit exchange in Korea.

On Saturday, Upbit Korea played a significant role, contributing approximately 65% of the total trading activity for the asset. Nevertheless, the price has experienced a steep decline of approximately 32% within the past 24 hours. This drop can be attributed to Binance’s introduction of the HIFI perpetual contract.

It is also important to keep in mind that Korean traders have previously been linked to engaging in pump-and-dump behaviors. CryptoQuant CEO Ki Young Ju acknowledged in an X post published in 2021 that Korean traders tend to exhibit a preference for pumping and subsequently dumping altcoi…

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