HFT crypto is spiking as high as 105% in the past 24 hours. The token has been on a rally in the past few days. What could be causing the surge?
According to data from CoinGecko, HFT crypto has climbed up beyond 100% in the past few hours of intraday trading. Hashflow’s native token briefly reached a peak of $0.151 before slowly declining to around the $0.14 mark. At press time, it has gone up by 99.2%.
When compared to its all-time high, it is only 95.9% below its highest price, which sits at $3.61.
In the past week, the token has seen a meteoric rise of nearly 167%, almost equal to its two-week rise rate. The bullish movements of the token has given rise to trader confidence, as not only has the price of HFT itself increased but also its trading activity.
As of July 1, the daily trading volume for Hashflow has increased by nearly 580% compared to the previous trading day. Its current 24-hour trading volume has broken through the $500 billion mark and is now climbing up near $550 billion.
Behind HFT crypto’s trading volume surge
The recent tidal wave of trading activity related to the HFT crypto could be attributed to its recent integration into the Solana (SOL) network on June 11. The update was supported by a number of major exchanges, most notably. This means that users will be able to deposit and withdraw HFT through the Solana network via Binance.
“A new chain. Faster Execution. Broader reach. Welcome, Solana army. Let’s flow,” wrote Hashflow on its official X account, adding that the project is planning more integrations in the future.
For context, Hashflow initially launched on Ethereum (ETH) and later expanded to other networks, including BNB Chain (BNB) and Avalanche (AVAX), before integrating with Solana recently.
In addition, the project recently clarified its token unlocking mechanism. On July 1, the official account posted a message explaining that token unlocks occur linearly on a day-to-day basis. According to the document attached, 75% of the tokens held by the team, ecosystem partners and investors will unlock through a linear daily vesting that lasts for a duration of three to five years.
“To clarify: tokens unlock linearly each day. No cliffs or large batch releases. Just a steady daily schedule,” wrote the account.
Additionally, the team plans to issue more HFT on a yearly basis of 4% at a steady state.
It is possible that the Solana integration launch on major exchanges has helped catapult HFT crypto’s trading activity across the board, despite the misunderstandings caused by its token unlocks.
