- YFI’s price jumped more than 100 percent versus the US dollar.
- Over the last five days, the price of YFI has risen by over 47%.
Yearn.finance (YFI) seems to be on the verge of a price correction following a five-day streak of gains. The negative outlook is mostly due to insufficient purchasing volume and overbought dangers.
Over the last five days, the price of YFI has risen by over 47% to $41,970, as investors shifted funds away from the “top-cap” cryptocurrencies like Bitcoin (BTC) and Ether (ETH) in search of more immediate gains in the altcoin market. Traders’ increased interest in YFI markets was sparked by a token repurchase scheme, though.
Yearn.finance said on Dec. 16 that it had bought YFI tokens worth over $7.5 million on the open market, averaging $26,651 per token. Further YFI buybacks will be funded using the company’s additional treasury liquidity of $45 million.
Community Members Proposal
YFI community members have suggested that the YFI Treasury allocate some token repurchases to reward Yearn Governance participants. The proposal is now being voted on.
📊 #DeFi assets are showing some nice signs of growth to kick off 2022. $YFI, $UNI, and $AAVE are all ticking up nicely thus far with the first Monday of the year looking #bullish for several #altcoins. https://t.co/8ujolCvt5z pic.twitter.com/ASpf1dUbtn
— Santiment (@santimentfeed) January 3, 2022
After the token purchase announcement, YFI’s price jumped more than 100 percent versus the US dollar. YFI’s trading volume dropped despite the rise, indicating that traders have little faith in the stock’s upward path despite a brief price correction. With the recent fluctuation, the Yearn.finance coin is also getting closer to a previously identified turning point at $40,000.
According to CoinMarketCap, the yearn.finance price today is $38,575.66 USD with a 24-hour trading volume of $515,529,268 USD. yearn.finance is down 5.45% in the last 24 hours.
A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.