HIFI Token Surges 36% After Protocol Updates and HIP 16 Approval Amid Volatile Market Shifts

HIFIUSDT experienced a sharp price increase of approximately 36.56% over the past 24 hours, rising from a 24h open of $0.0949 to a current price of $0.1296 on Binance. This surge is primarily attributed to renewed market interest following recent protocol updates, including the successful passing of HIP 16 and ongoing ecosystem enhancements, as well as HIFI being highlighted among the top gainers in the cryptocurrency market on June 27, 2025. The rebound follows a period of significant outflows, with total value locked dropping from $120 million to $40 million, a 70% decline in daily protocol revenue, and major holders selling approximately 12 million HIFI tokens, which led to reduced liquidity and wider bid-ask spreads. Despite the recent price breakout and increased trading activity, the protocol continues to face challenges such as lower staking yields and outstanding under-collateralized loans, contributing to ongoing market volatility.