Three low-cap altcoins—BakeryToken (BAKE), Hifi Finance (HIFI), and Self Chain (SLF)—have seen a remarkable price resurgence on September 10, despite being flagged for delisting by Binance, the world’s largest cryptocurrency exchange. This unexpected surge comes in the wake of an earlier announcement indicating that trading for these tokens would cease effective September 17 due to concerns about compliance and listing standards.
On September 3, Binance disclosed its intention to remove BAKE, HIFI, and SLF from its platform, stating, “At Binance, we periodically review each digital asset we list to ensure that it continues to meet a high level of standard and industry requirements. When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it.” Following this announcement, investors reacted with panic, causing significant price drops: BAKE fell 20.26%, SLF experienced a decline of 25.27%, and HIFI dropped by 7.36%. This was attributed to fears surrounding reduced accessibility and liquidity on Binance, which dominates the market by trading volume.
However, today marked a striking recovery for the trio of tokens, all of which recorded synchronized surges during early trading hours in Asia. BAKE emerged as the standout performer, soaring from $0.036 to $0.11, a staggering increase of 205.5%. Even after a minor correction to around $0.10, it maintained a substantial gain of approximately 177%. SLF surged from $0.024 to $0.050, a rise of 108.3%, and by the latest data was trading at $0.038, reflecting a gain of around 58%. HIFI, typically less active, advanced from $0.058 to $0.094, achieving a 62.1% increase before correcting to $0.080, marking a 35.4% appreciation.
The trading dynamics played a vital role in this price movement. Most trading activity for BAKE, HIFI, and SLF occurred on Binance. Data from CoinGecko highlighted that BAKE’s daily trading volume skyrocketed by over 2,541% to $269.54 million in the past 24 hours. Notably, the BAKE/USDT pair constituted 38.53% of all trades, with BAKE/TRY accounting for 19%. SLF’s volume surged 658.5% to reach $56.15 million, predominantly through pairs like SLF/USDT, which accounted for 30.23% of trading activity. Similarly, HIFI witnessed a 648.8% increase in trading volume to $44.38 million, with a significant portion deriving from the HIFI/USDT pair on Binance.
However, analysts are raising red flags regarding the reasons behind this price recovery. Some suggest that the jumps are the result of “exit liquidity,” with short positions being squeezed as traders cover their bets amid rising prices. One analyst noted a potential orchestrated effort by a manipulative group to engage in a pump-and-dump scheme similar to trends seen with other tokens, such as Alpaca Finance (ALPACA). After experiencing a sharp rise following a similar delisting announcement, ALPACA’s value plummeted once it lost major exchange support.
Despite the price spikes witnessed today, the longer-term outlook for BAKE, SLF, and HIFI remains precarious. Following their delisting from Binance, these tokens are likely to lose significant liquidity and will need to shift to smaller exchanges to maintain trading activity. Historically, assets in comparable situations have found it challenging to sustain visibility and investor interest after being removed from mainstream platforms. The developments of the coming days and weeks will be pivotal in determining the future trajectory of these altcoins in the volatile cryptocurrency landscape.
