What the hell is going on? This actually happened? An old coin that launched back in 2018, $HOT , nearly doubled in 5 days 😂
I came across it while browsing the contracts leaderboard. On October 30, it was still as low as 0.000304. Yesterday, it reached a high of 0.000598—up about 97%. It’s pulled back to around 0.00052 now, still up a little over 70% from the low.
The trading volume is even crazier. On October 26, its perpetual contracts saw only around $700,000 in volume for the entire day. Yesterday, that shot up to $327 million—more than 400 times higher. Open interest has also climbed from $970,000 to around $9.2 million, more than 9x in a week.
It all started when the project launched the HoloFuel network on November 1. HOT holders can exchange their tokens for HoloFuel at a 1:1 ratio. Once you convert, you can’t convert back. Even the team is reminding people not to rush, since HOT still has better liquidity on exchanges.
People on X are split into two camps: some are cheering the old coin’s comeback, while others keep saying the team is pumping it again. The funding rate is negative right now, and plenty of traders betting on a drop are piling in too.
It peaked at 0.0313 in April 2021, so the current price is still 98% below that level. Those who got stuck holding at the top back then must have pretty mixed feelings seeing this huge green candle.
If you’re new, I’d suggest watching more and trading less. If you’re buying crypto, stick to $BTC
I came across it while browsing the contracts leaderboard. On October 30, it was still as low as 0.000304. Yesterday, it reached a high of 0.000598—up about 97%. It’s pulled back to around 0.00052 now, still up a little over 70% from the low.
The trading volume is even crazier. On October 26, its perpetual contracts saw only around $700,000 in volume for the entire day. Yesterday, that shot up to $327 million—more than 400 times higher. Open interest has also climbed from $970,000 to around $9.2 million, more than 9x in a week.
It all started when the project launched the HoloFuel network on November 1. HOT holders can exchange their tokens for HoloFuel at a 1:1 ratio. Once you convert, you can’t convert back. Even the team is reminding people not to rush, since HOT still has better liquidity on exchanges.
People on X are split into two camps: some are cheering the old coin’s comeback, while others keep saying the team is pumping it again. The funding rate is negative right now, and plenty of traders betting on a drop are piling in too.
It peaked at 0.0313 in April 2021, so the current price is still 98% below that level. Those who got stuck holding at the top back then must have pretty mixed feelings seeing this huge green candle.
If you’re new, I’d suggest watching more and trading less. If you’re buying crypto, stick to $BTC
