Ethereum-Based DeFi Protocol Soars Amid Whale Activity
An Ethereum (ETH)-based decentralized finance (DeFi) protocol has surged in price due to a recent spike in whale activity and new addresses, as per crypto analytics firm Santiment. The native asset of Yearn.Finance, YFI, is currently trading at $10,242. Santiment reports a significant increase in the number of YFI transactions valued at over $100,000, along with a rapid growth in new addresses.
Despite its recent gains, YFI remains nearly 89% down from its all-time high of $90,786 in May 2021. Additionally, Santiment highlights that Ethereum fees have risen back to their highest levels in four months.
In relation to the overall crypto market, Santiment says digital asset traders continue to display a bullish bias, which has historically led to markets flattening or fading. According to the firm, price rises are most likely to occur after the crowd becomes fearful and keywords like sell, top, or scam rise on social media.
YFI, ranked 129th by market cap, has surged more than 71% in the past seven days.
Hot Take
The surge in YFI’s price due to increased whale activity and new addresses demonstrates the impact of market sentiment and trading behavior on the cryptocurrency space. As Ethereum fees reach their highest levels in months and digital asset traders maintain a bullish bias, it’s essential to monitor these trends for potential shifts in market dynamics and investment opportunities.
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