Hifi Finance (MFT) crypto's volume just zoomed over 3000%. Here's why

August 11, 2022 04:39 PM AEST | By Manu Shankar
 Hifi Finance (MFT) crypto's volume just zoomed over 3000%. Here's why
Image source: © Kate3155 | Megapixl.com

Highlights

  • Hifi Finance (MFT) crypto lets the crypto users borrow tokenised assets and settle it at a future date.
  • On Thursday, the MFT crypto was rallying by over 40% along with a volume gain of over 3000% at 6:00 AM (GMT +1), according to CoinMarketCap. 
  • The 346th-ranked token on Thursday was trading at US$0.006984 with a trading volume of US$64,08,30,020 as per CoinMarketCap.

Hifi Finance (MFT) crypto seems to be on a bull run late. This unique crypto has rallied by over 73% and over 50% in the past 30 days and over the past week, respectively. MFT crypto lets the users borrow against the crypto users to borrow tokenised assets and settle it at a future date. Besides, it offers its users an instant swapping facility and rewards.

On Thursday, the MFT crypto was rallying by over 40% along with a volume gain of over 3000% at 6:00 AM (GMT +1), according to CoinMarketCap.

What's the reason for MFT crypto's rise? 

One of the reasons for the MFT crypto's rise may be due to its recent gains. Although the chart does indicate instances while it has witnessed a dip, it has seen more greens off late than red. 

Launched by Mick Hagen, the MFT crypto attracts crypto enthusiasts as it manages to resolves the issues of censorship and security. It employs blockchain's distinctive privacy characteristics to ensure that the protocol is more secure. Besides, an enhanced encryption service safeguards the privacy of the network and users can safely transfer files or create DApps and store data. 

MFT charts reveal a sudden spike in the RSI value of the token. The MFT crypto's RSI stood at 81.88 during the intra-day trading, indicating the market activity is high in the token. 

Image credit: Trading View

Even from the MACD perspective, a sudden upward momentum in the token courtesy of the volume gain. The momentum has resulted in the MACD line (indicated in blue) climbing well above the signal line with it getting stronger.  

How is MFT price faring?  

The 346th-ranked token on Thursday was trading at US$0.006984 with a trading volume of US$64,08,30,020 as per CoinMarketCap. The Hifi Finance crypto enjoyed a live market cap of US $6,98,35,725. 

The MFT crypto's rally today may also be due to the recent gains that the overall crypto market witnessed. In fact, as of today, the overall market cap has gained over 7%. The overall market cap stood at US$1.16 trillion. But crypto markets are often fickle, and one needs to be careful while venturing into the market. Hence, one must do requisite market research to ensure they don't take the wrong investment decisions.   

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.


AU_advertise

Advertise your brand on Kalkine Media

Sponsored Articles


Investing Ideas

Previous Next
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.