Three low-cap tokens scheduled for delisting by Binance recorded a dramatic rebound on September 10, just days after initially plunging on news of their removal from the exchange.
BakeryToken (BAKE), Hifi Finance (HIFI), and Self Chain (SLF) had faced steep declines after the announcement but surged in synchronised rallies during early Asian market hours, sparking questions about liquidity dynamics and trading patterns ahead of their official delisting on September 17.
Tokens rebound despite Binance delisting notice
Binance, the world’s largest crypto exchange by trading volume, confirmed on September 3 that it would cease trading support for BAKE, HIFI, and SLF as part of its periodic review process.
The exchange cited compliance checks and listing standards as reasons for the decision, stressing that delistings occur when assets fail to maintain required thresholds.
Following the initial announcement, prices fell sharply. BAKE dropped 20.26%, SLF plunged 25.27%, and HIFI fell 7.36%. However, by September 10, the same assets reversed course.
Source: CoinMarketCap
BAKE climbed from $0.036 to $0.1526, a 343.955% increase. SLF rose from $0.024 to $0.06550, up 173.76% at its peak.
Source: CoinMarketCap
HIFI advanced from $0.058 to $0.094, up 62.1%, before retreating to $0.084, holding onto a 51.04% rise.
Source: CoinMarketCap
The rebound appeared counterintuitive given that delisting typically leads to reduced liquidity and visibility for tokens.
Trading volumes surge across Binance pairs
Data highlighted that the bulk of trading activity was concentrated on Binance itself, despite the looming delisting. BAKE’s daily trading volume jumped 4029.76% to $526 million.
SLF volumes rose 2099.21% to $219.44 million. Binance’s SLF/TRY pair captured 38.61% of activity, while SLF/USDT held 30.23%. HIFI recorded a 873.76% surge in trading volume to $81.83 million.
The concentration of trades in Binance pairs indicates that traders sought to exploit price movements ahead of the assets losing access to the exchange’s liquidity pool.
Analysts raise concerns about market manipulation
The synchronised rallies across all three tokens raised speculation over coordinated trading activity.
According to analysts, the surge may have been triggered by short squeezes—where traders betting on declines were forced to cover their positions as prices spiked in thin liquidity conditions.
A crypto analyst on X suggested that a single manipulative group may be orchestrating pump-and-dump cycles for the tokens, drawing parallels with Alpaca Finance (ALPACA).
ALPACA’s value quadrupled following a similar delisting announcement, only to collapse shortly after, with losses worsened by the project’s closure.
The comparison has prompted warnings that the recent surge in BAKE, SLF, and HIFI could reflect an exit liquidity phase rather than a sustainable recovery.
Tokens face challenges after September 17
The delisting set for September 17 will remove the most liquid trading venue for the three altcoins. Without Binance’s market depth, BAKE, HIFI, and SLF will depend on smaller exchanges where volumes are limited.
Historical patterns suggest that tokens in similar situations struggle to maintain relevance after removal from major platforms.
While the September 10 rally demonstrated that short-term volatility can drive sudden price action, the structural risks of delisting—loss of accessibility, reduced investor confidence, and declining liquidity—pose challenges for long-term stability.
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