- Yearn Finance (YFI) is experiencing a more than 60% increase.
- The market value of this token is now close to reaching $10.1k.
Yearn Finance (YFI) is a crypto project that aims to provide optimized yields across various DeFi platforms. So, this will help users to earn passive income on holdings seamlessly. Recently, there was a massive price increase for this token, helping it cross a crucial price level.
Yearn Finance (YFI) Experiences Massive Whale Activity
- According to new data from on-chain analytics firm Santiment, the decentralized finance protocol YearnFinance is having a field day. So, the amount of whale activity from traders is increasing.
- This is also positively affecting the whole Yearn Finance (YFI) ecosystem. So, data shows that the resurgence in whale activity and user growth powered a 60% increase in the YFI token’s market capitalization. But this is not the only thing increasing massively in the ecosystem. Other things like the trading activity of this token and the price increasing to new levels. So, the whales in this context aren’t selling the tokens off or increasingly shorting them. Instead, many buy more of these tokens, keeping the selling pressure down.
Yearn Finance (YFI) Market Cap and Price Ballons To New Height
- Due to the positive sentiments in this cryptocurrency, the market cap and value of this token are increasing to new levels. So, data from Santiment shows large transactions by whales are occurring at 15-month high levels. Another thing to note is that the number of new addresses holding YFI is also experiencing an uptrend.
- Metrics like this drive the Yearn Finance (YFI) to new levels. Data shows that the market capitalization of this token is now more than $300 million. So, the trading volume of this token is also witnessing a surge. At the time of writing, the trading volume of this token is more than $150 million.
Yearn Finance Price Update
- In the latest Yearn Finance (YFI) price update, one can see that this token is reaching levels beyond analysts’ expectations. So, when Santiment made provision for the data, the price of YFI was within the $9.9k range. But at the time of writing, this token added almost close to $1000 in the price value.
- At press time, the value of this token is a little over $10.7k. So, the percentage of increases in this token is by wide margins. According to data from Coinmarketcap, there’s a weekly increase of more than 75%. So, on the monthly chart, there’s more than a 100% increase.
Conclusion
Yearn Finance (YFI) is having a blast in the crypto market since the Bitcoin rally of October. So, the amount of increases in this token is expanding to almost every metric. The market capitalization, the trading volume, the market value, and the percentage of increases are having a huge surge. So, data shows that this is primarily due to the whales keeping the trades balanced on this cryptocurrency.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
