Yearn Finance, the DeFi protocol that took the entire crypto field by a storm, continues to break new grounds.
Its governance token, YFI, suddenly shot up to 77,000 BUSD on Binance in what appears to have been some sort of a mishap.
In any case, the cryptocurrency continues to impress as its price already surpassed the all-time high of Bitcoin, peaking at $23,166 against USDT on Binance.
YFI Price Touches 77,000 BUSD
In what may have been a costly mistake, the price for YFI against BUSD suddenly shot up to 77,000 in an instant spike on Binance.
While the reasons for this particular movement remain unknown at the time of this writing, it’s not out of the question that it was an investor’s mistake.
Since the number is well-rounded to 77,000, it’s possible that someone tried to place an order to buy YFI at 7,700 but instead typed in 77,000 (adding an extra zero). Because the YFI/BUSD pair is relatively illiquid, this would have triggered a buying spree throughout the entire order book, filling up high-priced sell orders all the way up to 77,000 BUSD.
In any case, the price was quick enough to retrace, and it’s currently trading at around 22,000 BUSD.
YFI Surpassing Bitcoin’s All-Time High (ATH)
Irrespective of the above, YFI’s performance of today is nothing short of impressive. The price is up about 25%, trading at roughly $22,000 at the time of this writing.
Not only has YFI become the most expensive altcoin, but at one point, it traded at above 2 BTC. As Bitcoin stagnates at around $11,500, YFI’s value touched $23,166 USDT on Binance, not only surpassing Bitcoin’s ATH but also doubling its current value.
As CryptoPotato reported earlier in the week, the YFI has managed to produce cash for token holders at an annualized rate of $21 million. According to researcher Ryan Watkins, the attraction appears to be the automation of yield farming with the launch of Yearn Finance v2.
As the current supply of the token is capped at 30,000 YFI, the price is growing exponentially as the demand for it continues to increase.
Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.
Source link Crypto Potato