South Korea’s Upbit Issues Warning Against HIFI: Token Tanks 10%
Coinspeaker
South Korea’s Upbit Issues Warning Against HIFI: Token Tanks 10%
South Korea’s leading crypto exchange, Upbit, has issued an investment warning against the HIFI token, suspending all deposits for the token. The move triggered an 11% drop in HIFI’s value over the past 24 hours, with its market capitalization shrinking to $41.95 million.
The warning follows the addition of HIFI to the Digital Asset eXchange Association (DAXA) watchlist. It cited lack of transparency in business changes, unclear token distribution plans, and concerns over the project’s sustainability.
Notably, DAXA, comprising South Korea’s five major crypto exchanges, Upbit, Bithumb, Coinone, Korbit, and Gopax, acts as a self-regulatory body that oversees potential risks in the market.
The watchlist period, from March 28 to April 11, puts HIFI under strict scrutiny, with a possible delisting looming if no improvements are made.
Governance Vote Fuels Market Concerns
The caution notice appears to stem from HIFI’s recent governance vote, which took place between March 10 and March 17. During this period, token holders approved the issuance of an additional 25 million HIFI tokens, expanding the total supply from 146.25 million to 171.25 million.
The new tokens will be gradually released over 21 months, starting in March 2025. The issuance aims to support HIFI’s upgrade to version 3 (v3) and extend its contract with the protocol’s developer. However, it has also raised fears of market dilution.
At the time of writing, HIFI is trading at around $0.2958, marking a 25% decline over the past month. The token has plunged 75% over the last year.
HIFI Price Outlook
On the daily HIFI/USDT chart, the Bollinger Bands (BB) show the price dropping below the lower band, indicating oversold conditions. The downtrend appears strong with the price trading below the 20-day moving average ($0.3313).
Meanwhile, the RSI sits at 32.38, approaching the oversold threshold. This suggests that while the token may experience a short-term bounce, the broader trend remains weak.
Key resistance lies around $0.33 and bullish reversal would require a break above $0.35 to regain momentum. On the other hand, support lies at $0.29, which aligns with the recent low. A breakdown below this level could push HIFI further toward $0.25.
South Korea’s Upbit Issues Warning Against HIFI: Token Tanks 10%
Read More
‘When Is the Next Altseason?’: Altseason Timing: Index, BTC Dominance & Analyst’ Take
South Korea’s Upbit Issues Warning Against HIFI: Token Tanks 10%
Coinspeaker
South Korea’s Upbit Issues Warning Against HIFI: Token Tanks 10%
South Korea’s leading crypto exchange, Upbit, has issued an investment warning against the HIFI token, suspending all deposits for the token. The move triggered an 11% drop in HIFI’s value over the past 24 hours, with its market capitalization shrinking to $41.95 million.
The warning follows the addition of HIFI to the Digital Asset eXchange Association (DAXA) watchlist. It cited lack of transparency in business changes, unclear token distribution plans, and concerns over the project’s sustainability.
Notably, DAXA, comprising South Korea’s five major crypto exchanges, Upbit, Bithumb, Coinone, Korbit, and Gopax, acts as a self-regulatory body that oversees potential risks in the market.
The watchlist period, from March 28 to April 11, puts HIFI under strict scrutiny, with a possible delisting looming if no improvements are made.
Governance Vote Fuels Market Concerns
The caution notice appears to stem from HIFI’s recent governance vote, which took place between March 10 and March 17. During this period, token holders approved the issuance of an additional 25 million HIFI tokens, expanding the total supply from 146.25 million to 171.25 million.
The new tokens will be gradually released over 21 months, starting in March 2025. The issuance aims to support HIFI’s upgrade to version 3 (v3) and extend its contract with the protocol’s developer. However, it has also raised fears of market dilution.
At the time of writing, HIFI is trading at around $0.2958, marking a 25% decline over the past month. The token has plunged 75% over the last year.
HIFI Price Outlook
On the daily HIFI/USDT chart, the Bollinger Bands (BB) show the price dropping below the lower band, indicating oversold conditions. The downtrend appears strong with the price trading below the 20-day moving average ($0.3313).
Meanwhile, the RSI sits at 32.38, approaching the oversold threshold. This suggests that while the token may experience a short-term bounce, the broader trend remains weak.
Key resistance lies around $0.33 and bullish reversal would require a break above $0.35 to regain momentum. On the other hand, support lies at $0.29, which aligns with the recent low. A breakdown below this level could push HIFI further toward $0.25.
South Korea’s Upbit Issues Warning Against HIFI: Token Tanks 10%
Read More