The YFI governance token has reached $77,000 BUSD on Binance as the coin retraced and managed to surpass the Bitcoin all-time high value so let’s read more in the upcoming altcoin news today.
Yearn Finance, the DeFi protocol which took the entire crypto field by storm continued to surpass new grounds and its YFI governance token suddenly shot up to 77,000 BUSD on the Binance crypto exchange in what seems to have been a mishap. In any case, the cryptocurrency continues to impress the price that has surpassed the all-time high of Bitcoin, hitting $23,166 against USDT on Binance.
In what could have been a costly mistake, the price for the YFI token against BUSD shot up to 77,000 in an instant spike on the crypto exchange. While the reasons for the particular movement remain unknown at the time of writing, it is not strange that this was an investor’s mistake. Since the number is rounded to 77,000 it is quite possible that someone tried to place an order to purchase the coin at 7,700 but instead typed in 77,000. Because the YFI/BUSD pair is illiquid, this would have likely triggered a buying spree over the entire order book, filling up high-priced sell orders that will lead the coin up to 77,000 BUSD.
Anyway, the price was quick to retrace and is now trading at 22,000 BUSD. Irrespective of what we said before, YFI’s daily performance is quite impressive. The price is up about 25% and is trading at $22,000 at the time of writing. YFI has officially become one of the most expensive altcoins and it traded at above 2 BTC. Bitcoin stagnates at around $11,500 while YFI’s value hit $23,166 USDT on Binance and surpassed BTC’s all-time high, doubling its current value.
Yearn.finance’s coin managed to produce cash for token holders at an annualized rate of $21 million. Ryan Watkins the researcher, says that the attraction seems to be the automation of yield farming with the very launch of Yearn Finance v2. With the current supply of the token being capped at 30,000 YFI, the price is growing exponentially as the demand increases.
YFI becomes the youngest DeFi billionaire after it doubled its market cap from two weeks ago. The Yearn.finance protocol has been on a rampage ever since the creator Andre Cronje announced his return to the decentralized finance space. The commencement of the liquidity mining program of Curve last week was a turning point for yEarn whose liquidity pool yCRV accounted for 65% of the Curve liquidity.
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