The HNT token surged nearly 170% in one weekend, reaching an intraday high of $0.989 after trading under $0.30 for most of the summer. The move was driven by forced closures of short positions (short squeeze) totaling over $1.6 million across the weekend, as the price rose instead of falling as expected by those bearish bets. Trading volume reached $248.26 million in a single day, the highest in two years, while open interest jumped 197.6% to $13.64 million. The price has since pulled back to around $0.88 as forced buying largely dried up, with market participants noting that anyone buying now is betting on a potential second squeeze, not the first.
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