YFI token, a crypto asset tied to yearn.finance’s decentralized finance (DeFi) project, is expected to spike over $50,000 before the end of October.
YFI Token: Most Trending Altcoin
YFI, the governance token of yearn.finance is one of the top trending cryptocurrencies due to its solid performance in recent weeks. The token has caught the attention of many crypto traders as it reaches its new all-time high price of $43,966 on the Binance exchange. The token value is almost four times the of one BTC price.
— DAO Maker (@TheDaoMaker) September 14, 2020
YFI token has gone off the charts as it recently hit the $40,000 mark, defeating BTC’s peak of nearly $20,000. According to Coingecko, YFI is changing hands at $39,558, as of press time. With a billion-dollar market cap value, YFI project ranks as today’s top DeFi token, also securing the 20th position on the overall cryptocurrency market.
YFI Token Bullish After Coinbase Listing
Immediately after YFI token listing on Coinbase, its price increased over $40k. The token began its trading today at 9:00 am (Pacific Time). As YFI continues to show strength as it expands its scope, the crypto community anticipates its bull run to $50,000.
Expressing their views on the Twitterverse, Degenomics (@degenomix) and Talking Crypto (@TalkingCrypto) are among those that think that the YFI price might ‘pump’ following its listing on the leading crypto exchange.
Moreover, crypto trader Gunslinger2005 shared a YFI chart analysis using the Camarilla indicator (Camarilla pivot points) which shows precise support, resistance, target and breakout levels for day trading. Once YFI bulls break the $43k resistance level of the asset, the possibility of going beyond $49k is possible.
YFI to the Moon?
In addition, YFI users leverage other DeFi DApps like Aave, Compound, Curve, and others to expand the decentralized lending scenario. YFI Founder Andre Cronje even mentioned in a tweet that “yearn exists because we all work together”.
Meanwhile, there are also scam YFI airdrops spreading across the crypto space. Users must be careful not to fall for these schemes.
There are several fake telegram channels around posing as related to @iearnfinance
🚨Be aware, there is NO airdrop, NO $YFI farming, and NO giveaways. Don’t fall for any scams. If in doubt do not send funds anywhere. 🚨
— DeFiGod (@DeFiGod1) September 9, 2020
Despite the first half of 2020 being negatively impacted by the global COVID19 outbreak, many altcoins, particularly in the DeFi ecosystem, have slowly established themselves. The increase in user base could push digital assets like YFI to the moon in the upcoming weeks.