- The YFI token dropped from $15,570 to $8,654 within a short duration.
- According to CoinMarketCap, YFI is trading at $9743, down 37% in the last 24 hours.
A suspected exit fraud has investors of the Yearn.Finance governance token YFI on edge. There was a decline of nearly $300 million in market capitalization, according to statistics from CoinMarketCap, as the price of YFI plummeted dramatically. The YFI token dropped from $15,570 to $8,654 within a short duration. The token, despite this, is up 101% in the last 30 days.
Another weekend of FUD in the crypto world has been provoked by the sell-off. Some Twitter users have speculated that the creators themselves hold 10 wallets containing half of the total token supply. Etherscan data, however, suggests that a subset of these holders are likely just wallets at cryptocurrency exchanges.
Substantial YFI Transferred
Lookonchain, a blockchain data analytics startup, has released some analysis on the YFI price drop. One “0x48f9” address was revealed to have transferred millions of dollars across several trading platforms. The address sent about 446 YFI, valued around $5.8 million, in ETH to several exchange addresses.
According to data provided by Intotheblock, the monthly rate of whale outflow is lower than the monthly rate of whale inflow. There was a 158% rise in the large holder’s inflow over the previous month, while the large holder’s outflow was 105%.
An automated trading solution for decentralized financial (DeFi) markets is provided by the Yearn.Finance protocol. Andre Cronje, an entrepreneur and Ethereum developer, released the protocol in July of 2020.
According to CoinMarketCap, YFI is trading at $9743, down 37% in the last 24 hours at the time of writing. Moreover, the trading volume is up 29.57%.
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