HIFI Token Surges 32.78% in 24 Hours Amid Binance Promotions Despite Protocol Challenges

HIFIUSDT experienced a significant 24-hour price increase of 32.78%, rising from 0.1019 to 0.1353 according to Binance data. This sharp upward movement contrasts with the recent multi-week downtrend and appears to be driven by Binance’s ongoing promotional activities, including Learn & Earn rewards, daily and weekly tasks, and referral incentives, which have likely boosted short-term demand and trading activity. Despite this price surge, the protocol has faced notable challenges in the past two weeks, including a decline in total value locked from $120 million to $40 million, a 70% drop in daily protocol revenue, increased risk of loan liquidations, reduced staking yields, and large holder sell-offs impacting liquidity. Overall, while HIFI is currently trading at $0.1353 with recent high volatility and moderate sector trading volumes, the broader market context remains cautious due to underlying protocol and market pressures.