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YFII, which is a fork of Yearn Finance (YFI), shocked the entire crypto market when it boosted past tons of cryptocurrencies to gain more than 30% within 24 hours. What makes this even more astonishing is the fact that YFII’s price gained over 30% during a period when Bitcoin lost almost a tenth of its value. Moreover, in the last 30-day period, it has seen a massive 71% rise in its value.
While YFII started as a fork or a side project from the initial YFI, it certainly has been able to add to its value. So much so, that it has been given a ‘Very Bullish’ and a ‘low risk’ assessment by one of the leading crypto industry observers. Those two components, definitely are the ones that can make or break any cryptocurrency, and YFII is no exception.
Here’s what we know about YFII’s rise in value in the last week.
YFII Rises: Why did the crypto go bullish?
The rise in YFII’s value comes amidst an otherwise gloomy day in the crypto markets.
As of writing, the DFI.Money is trading at around $1,800, down from its 24h high of $1,953. The cryptocurrency has a current market cap of $70 million, and a circulating supply of 38,596 YFII.
In its one-day time-frame, DFI.Money is currently trending very bullish with the 50 MA currently sloping up but below the current DFI.Money price, which might act as a support. Moreover, DFI.Money’s 200 daily moving average is sloping down, which directs to a downward trend.
As of now, the relative strength index (RSI) is above the 30-70 neutral zone, which indicates the price is trending overbought, with the price being able to keep RSI in that state for a long while.
What is YFII?: All You Need To Know
DFI.Money exists as a hard fork from the Yearn.Finance (YFI) protocol. The primary idea lies behind DFI.Money is to optimize and further streamline yield farming.
Yield farming refers to the practice of staking and/or lending crypto assets for generating higher returns and rewards in cryptocurrencies. Just like parking money, this means parking additional crypto funds available in different marketplaces to generate additional returns, over the rising valuation of the cryptocurrencies.
However, when it comes to yield farming, many suffer as they aren’t able to move their cryptocurrencies from one platform to another at the right time. This is where DeFi.Money comes in. It automates the process of moving cryptocurrencies from one platform to another and finds the best marketplaces with the best yields across various DeFi platforms.
YFII came into the picture in 2020. It came into origin due to a proposal for YFI, to protect it against crypto whales, influencing the prices of the token. However, since the proposal wasn’t passed, there was a move made by some of the proposal’s supporters who initiated a hard fork, creating a new protocol called DFI.Money, with its native token called YFII.
YFII operates on the Ethereum blockchain. While there’s no clear founder of DFI.Money, it certainly has been adding a lot to its values due to its fundamentals.
YFII Price Prediction
When it comes to price predictions, there are a lot of factors that are to be taken into consideration. However, in situations such as these, things get trickier. YFII has been able to gain a Very Bullish rating due to its recent performance. Although, on the basis of the technical indicators, here’s the price prediction for YFII.
The price prediction for DFI.Money in 2022 seems to be a little volatile, with large fluctuations that might be seen. DFI.Money could reach $2500 levels by the end of 2022, with a minimum price of $2,071.
In 2023, it is expected that DFI.Money might reach newer heights and can reach higher, unseen price levels, achieving a maximum price of $4,833, while the average price might hover around $4,315.
It is in 2024, that DFI.Money is expected to see further growth. However, there have been very divergent opinions about the price levels of 2024 for DFI.Money. Hence, we’re keeping the predictions a bit broader, with DFI.Money reached a high of $6,500 and a low of $748, taking all the resources into consideration.
Conclusion: What Can We Expect From YFII?
In the day and age, where there are tons of crypto projects setting up shops, luring in customers, and some even closing down, DFI.Money has to ensure its credibility.
While this might not be a certainly bad thing to assume, it might not sit well with investors who want transparency with the projects they are investing in. The primary proponent of YFII is yield farming which turns out to be a very niche activity and the project aims to make it easier for their investors.
However, when it comes to investing in YFII, it can be a good investment for someone who has a larger risk appetite. As seen above, the crypto has spiked by over 5% within less than 24 hours. Moreover, it saw a 71% rise in its value in the last 30 days.
When investing in YFII, one should consider the project fundamentals, and conduct proper due diligence on their end before investing.
Better YFII Alternative- Dash 2 Trade
While the YFII token is a good option, there is another recently introduced project that boasts strong fundamentals. Investors who consider parking their funds in it right now can have an edge since the project is still in its early days. Dash 2 Trade is one of the best analytical tools and social trading platforms that has entered the space recently. Being a project that focuses on something retail investors have been demanding for a long time, D2T, the project’s native token has become highly popular.
Infact, Dash 2 Trade has already managed to reach the 3rd stage of its presale while raising a whopping $5.8 million. Naturally, such demand for the token is only going to influence the project positively post-launch. Thus, making it an excellent investment option even during the ongoing crypto winter.
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