Yearn.Finance Price Prediction: YFI Ticks Up 2%

Yearn.Finance Price Prediction: YFI Ticks Up 2% – Is DeFi Heating Up Again?

Updated: 24 August 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

The crypto market has seen a bullish wave over the past 24 hours, allowing many cryptos whose prices dropped recently to see some level of recovery.

In the case of Yearn.Finance (YFI), the token’s price managed to return to $5,700 and even go slightly beyond.

Over the past week, YFI has seen massive volatility comparable to Bitcoin. Its price first crashed from $5,740 to $5,127 in a matter of hours on August 17.

Over the next two days, it returned to $5,700, only to fluctuate continuously between this resistance and support at $5,600 between August 19 and 22.

After that, the support broke, only to become a new resistance, while the token found its further support at $5,400. However, this only lasted for about 24 hours, and after that, on August 23, the price again surged, hitting $5,703.

After a slight drop to $5,655, the price surged again on August 24, hitting $5,737 before correcting to $5,708, which is where it sits at the time of writing.

Interestingly, some analysts have predicted this reaction since August 12, claiming that the market needs more correction. At the time, the price was trading sideways at around $6.3k.

Sure enough, the correction came, starting on August 15, and YFI hit its bottom on August 17 by dropping to $5,320.

YFI Price Crashes Despite V3 Promising More Accessible DeFi Tools

YFI price reached its lowest point around August 17, as mentioned earlier. Only a day earlier, reports emerged claiming that the project has come forward with a new, groundbreaking proposal that has the potential to transform the landscape of yield generating.

The proposal’s primary objective is to give users more agency and enable seamless deployment of the latest generation of yield-generating vaults and strategies that would be completely permissionless.

As a result, DeFi tools and strategies would become much more widely available, further increasing financial inclusion.

YFI Price Surges Amid Reports of Major Security Breach

Another surprising turn of events is the token’s surge in the last 24 hours, alongside reports that Yearn.Finance fell victim to a cyberattack that resulted in the loss of approximately $11 million in digital assets.

While the attack raised severe concerns about the security of the DeFi platform and the DeFi sector, the token’s price failed to reflect that. Among the affected cryptos were Dai, Tether, USD Coin, Binance USD, and Tru USD — all popular stablecoins.

While this is a significant hit for Yearn.Finance, YFI has yet to react to the new development in any way.

New Meme Coin Emerges

As the crypto market continues to struggle with volatility, coupled with major, industry-defining events, many have become quite interested in buying coins and tokens currently immune to volatility. The only way to do this without going after stablecoins is to buy cryptos still in presale, many of which are still meme coins.

The newest addition to the market is a new meme coin called Sonik (SONIK), inspired by Sonic The Hedgehog.

The project underlines that it is not connected to Sonic The Hedgehog or Sega, but it drew inspiration from the “speedy lil’ bastard,” as its presale page says.

Unlike most meme coins, Sonik has announced certain features that might give buyers a reason to get involved, including the upcoming staking quality, meme creation capabilities, and a growing community.

So far, its presale has raised over $400k, selling the token for $0.000014. The presale will end 12 days from today, August 24, or when the tokens are sold out. Anyone interested in buying the token can do so in exchange for ETH or USDT.

Smog (SMOG) - Meme Coin With Rewards

Rating