HIFI Token Plunges 39.69% Amid Surging Supply, High Volume, and Protocol Changes

HIFIUSDT experienced a significant price decline of 39.69% over the past 24 hours, with the current price at $0.0810 according to Binance. This sharp drop follows a recent increase in HIFI token supply and high trading volume, with 72.95 million HIFI traded in the last day. The volatility appears to be driven by recent protocol developments, including changes to perpetual futures trading parameters on Bitget, as well as promotional activity that previously boosted demand and price. Despite earlier bullish momentum and notable price surges, technical analysis now indicates a strong sell signal, and the token has faced a decrease in total value locked within its protocol. HIFIUSDT remains highly active, with substantial trading volume and a circulating supply near 150 million, but current market sentiment has shifted downward following these recent events.