Yearn Finance Token (YFI) drops down 67% in value
Cryptocurrency works in strange ways. When you have a Dollar, it is worth a dollar and sure, things might be worth more or less than they were before but minor changes don’t get this much attention as changes in Cryptocurrency does. The Bitcoin ATH and drop at Covid19 both achieved a large volume of interest within the community and even small changes worth $100 grab the attention of people globally. Taking about the big changes, you would probably have heard of Yearn finance and their token YFI that spiked huge interest by jumping above Bitcoin in terms of token price. Started its significant rise in August, it continued on its way to dominate the Crypto sphere until maxing out at $43,873 on Spetember 12th 2020. A very good value for a coin to have. However, the coin just tanked massively with a 67% decrease in value since that September 12th date.
While it’s all time low is a meager $739 and it did manage to beat most cryptocurrencies by showing growth of 5718% for all those holding the YFI token, Holders will not be happy about the current situation seeing their investment drop from $43000 down to $15000 at the time of writing. Additionally, the total locked value of the currency dropped down a massive $300 million (that’s definitely going to hurt). With a 24-hour low of $12000, it probably won’t take long until Bitcoin manages to top the Yearn finance token in terms of price as well. However, as mentioned before, Cryptocurrency can change drastically and it is not a given that it will keep on decreasing. The people are putting the blame of the drop on CEO of Yearn Finance, Andre Cronje who recently put forth his secret Eminance Project out to be tested on live servers where it got hacked for $15 million. Such an action was seen by many as a huge mistake and the lack of trust can be seen in the current price right now.
While it might take a while for YFI to reclaim its former glory, there are many other coins that are performing well right now. One such coin is Tyslin’s TYS token which saw an 400% in value for its holders. Being a token that’s not highly priced right now, it is a great opportunity for investors to trade in especially if it carries its current form. With a whitepaper that actually makes sense for the community & with a long term goal of bringing the people more towards crypto, it certainly is one to watch out for. Interested in seeing what the project offers? Click the website. Interested in Trading TYS? Click the exchange.
What is your opinion on this article? Is this the end of YFI? How long before it drops below $10k? Will it make a comeback with Cronje looking to continue his work? Share your answers and thoughts and we will definitely feature you on our platform. Until next time, see you later and keep trading!