Yearn.Finance (YFI) Holders Getting Crushed by Massive Rout: Data

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Thu, 10/29/2020 - 14:25
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Alex Dovbnya
The DeFi token that toppled Bitcoin in August is in the middle of a brutal correction
Yearn.Finance (YFI) Holders Getting Crushed by Massive Rout: Data
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Yearn.Finance (YFI), the token that awed crypto crowds with its parabolic rally in August, is having another rough week.

According to cryptocurrency intelligence firm IntoTheBlock, it has plunged 17 percent over the past seven days.

When YFI eclipsed Bitcoin

YFI is a "valueless" token that underpins decentralized finance protocol Yearn.Finance, developed by Andre "test in prod" Cronje.

Following its inconspicuous launch, YFI quickly began gaining traction in the cryptocurrency community. The token was heavily shilled by Blue Kirby, an anonymous user with a blue cartoon character as a profile picture who ended up vanishing from Twitter after earning an estimated $1 mln in DeFi tokens.

On Aug. 18, YFI toppled Bitcoin, becoming the most expensive cryptocurrency in the CoinMarketCap Top 100 because of its relatively small circulating supply.

FOMO spun out of control in mid-September, with YFI reaching its current all-time high of $44,045 on Sept. 12.

Related
SushiSwap Completes ICO Scam Checklist, Claims Yearn.finance (YFI) Founder

Almost all YFI holders are out of the money

Fast forward to Oct. 29, YFI is down an eye-popping 74 percent from its peak that was reached just a little over a month ago.

YFI
Image by tradingview.com

While Bitcoin has surged above $13,000, YFI is now trading at $11,720 at press time.

Yearn.Finance has suffered from a double whammy of cooling interest in the DeFi sector and bad publicity surrounding its founder. Cronje was reportedly on the verge of quitting after "degens" poured $15 mln into his untested protocol, Eminence, that was then exploited by an attacker.

IntoTheBlock data shows that 86.6 percent of all YFI holders are out of money.

DeFi
Image by @intotheblock
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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