Yearn.Finance (YFI) hits $28k

[shollyen]

The year 2020 is super crazy for all of us. It started with a pandemic which made the world lockdown. And now we're watching that and Altcoin is worth more then 3x of bitcoin price. Seriously!!

The team of this project was so smart. They played with the supply of the token. They knew people give attention to the supply of any token so they keep it very low to grab the eyes and create a hyip. I would say they are very successful on that and result is infront of us. I would suggest everyone to not jump in this token to grab some profit because anytime it will be dumped.

The key here is the supply. They knew it and they did it. I looked at the price and I felt so sorry for those that might make the mistake of jumping into it. If they dear do that, they might later Blane themselves. It's really easy to loose in a coin like this.
I would rather choose what I will invest in wisely.

[1714131308]

1714131308

[Twentyonepaylots]

Until now, if I don't have the answer, what really happened to YFI, why did it beat the price of the king of crypto (BITCOIN),

Price does not mean anything for an altcoin to be compared with bitcoin, bitcoin was more historic than it, remember when it was called scam in the news but reaches ATH after a couple of months? The hype is real for altcoins these days, it seems like investors are tire of waiting for the bitcoin to pump but this is not a lose battle for the crypto king. I won't be surprised if this dips for as low as $10K.

is their token more useful than bitcoin or is this just hype In the history that I know, only this time the coin price can reach $28k

As much as I see on the web it is just more of a hype, I don't see such a huge news about this YFI, not even on a news  

[Lizzylove1]

I proposed not to buy YF from day 1, but just had to jump into YFFI because I want to join the train too and maybe I will  become rich too. This is another crazy year i crypto, what a good time to be alive.

[Rengga Jati]

Take a look at the following chart.

What do you think? This project has just been created around July and in nearly 2 months the price has skyrocketed. Is this normal? Or is it just super hype? then what next? I am personally a bit surprised by the very fast rise of YFI and now its price is surpassing BTC, much bigger in just under 2 months. Is this true or is there market manipulation. We can think for ourselves. From a figure of around $ 1.1k starting price, in less than 2 months it rose above $ 30k. In fact, ATH hit $ 38,683.51 USD as of Aug 30, 2020.
I agree with the statement from @ryzaadit. This is related to the hype from DeFi which is currently booming. Moreover, the total supply is only 30,000 YFI and currently, 29,963 YFI has been circulating.
Here, stay alert and don't just rely on the hype. Do your research first before deciding.

[Dollar_Hunter]

it looks like YFI can still be more than $ 28,000 if Fomo DEfi continues to hold,
or sell some YFI, because I'm sure investors have also sold it

[LangePara]

Take a look at the following chart.
https://i.imgur.com/Yi3Lq4m.png?1
What do you think? This project has just been created around July and in nearly 2 months the price has skyrocketed. Is this normal? Or is it just super hype? then what next? I am personally a bit surprised by the very fast rise of YFI and now its price is surpassing BTC, much bigger in just under 2 months. Is this true or is there market manipulation. We can think for ourselves. From a figure of around $ 1.1k starting price, in less than 2 months it rose above $ 30k. In fact, ATH hit $ 38,683.51 USD as of Aug 30, 2020.
I agree with the statement from @ryzaadit. This is related to the hype from DeFi which is currently booming. Moreover, the total supply is only 30,000 YFI and currently, 29,963 YFI has been circulating.
Here, stay alert and don't just rely on the hype. Do your research first before deciding.

If something rockets this fast, it can also rocket to rock bottom. I would never invest into something like this, tbh.

[shinratensei_]

Yearnfinance was offering various ways for the users to get the yield from their tokens or coins. This coin is also having very small supply which was around 30k and there will be no more supply will come in the future.

Some people have also called that as a new generation of defi and that's why the whales have already started to pump it.

That doesn't make sense for a coin that can worth more than bitcoin but this is crypto when a coin can gets a very big pump and then it will be dumped again.

it caused by FOMO in defi. People were also joining the FOMO that makes the price worth more than bitcoin. The defi hype can go anytime and everyone should be careful with it.

[Btra]

This YFI looks like a good coin like the Bitcoin which has grown very fast after the Ethereum. It was it's the lowest price ever was around $800. But, that time nobody knows the growth potential of this cryptocurrency token. It works on the Ethereum blockchain and it is the first crypto that achieves this price level highest ever more than $38,000. As, the market already in growing mood so the market expects this crypto will reach the price level of the $1,00,000 before Bitcoin reach there.

[asriloni]

it looks like YFI can still be more than $ 28,000 if Fomo DEfi continues to hold,
or sell some YFI, because I'm sure investors have also sold it

It has already surpassed it and this time YFI has already touched 33k as the current price based on the binance market. It seems like we will see the big dump that will occur very soon. YFI will have entered the overbought zone and the whales have already prepared to dump YFI to the bottom. So many people will lose their house.

[saint_casanova]

YFI topped one billion capitalization, which is not realistic to stay, IMO
i am not sure what is the main point of YFI to have such a huge uprising momentum, is it just hype or there is more, but one billion market capitalization should be proved by more than just hype, hopefully all win get their profit

if you visit their website, there is nothing in it. still in beta stage and getting that price level in the market? very suspicious, right? i hope those buyers will not regret if suddenly this pump stops and suddenly goes downward. a lot of us here have been long in crypto, so ask yourself, what's the reason that their price is increasing even surpassing the value of btc? if you can't find one, then this increase is not to be trusted as it has no stronghold to that price level.

Exactly right. YFI has nothing on the coin but still got pumped to that high only show how shady it is. Don't invest in a coin just because the price seems high and keep pumping without any good reason to sustain that growth. Sure, you can earn while it keeps pumping but please be noted that it could be dump at any moment.

[amishmanish]

I don't think you can call YFI shady so much as experimental. The founder seems to be well-intentioned and is a good communicator. The price rise is because of the very low supply compared to what people are willing to buy it for. They are making all the right noises. Those who got into this in the beginning can rejoice and take profit. The developer is churning out code real fast along with fair warnings. This is the kind of thing that all those HODLers wait for in crypto.

The moment they find a good coder with enough knowledge, they'll pour money onto him. That is what is happening. I refuse to believe that people like you and me are buying those 30K a piece tokens. As I've been saying in my previous posts, there is money to be made here if you have enough time and are smart enough. With YFI, a lot of smart people are actually making a jump onto the yield farming orgy. Enjoy your orgasms while it lasts.

I have seen that its no use to reject it off-handedly as you are only gonna leave money at the table. The smart people out there, including early HODLers would be investing part of their stash for the return, risks notwithstanding. Finally, if you are like me and haven't made crazy profits earlier to risk it all away, just do some research and put in the time if you have it.

EDIT: After re-reading, i feel that this may seem like too positive of a view of YFI. The important thing to keep in mind is that the initial distribution of YFI was too short and too low. It is almost as if the circumstances were DESIGNED to pump it. This went completely under the radar due to the niche finance area it is. The early holders must have been only a handful and they came to the conclusion to CAP the supply resulting in this huge increase. Additionally, the only use of YFI token is to be staked on the platform itself. So essentially, you are investing into the platform hoping that the profits keep coming from cross trading strategies.
These cross trading strategies are being decided in a centralized manner. You will never know when the money printing stops and when the early investors decide to dump their YFI on you.

[niksdt101]

Just checked Binance and its trading around 2.77 BTC per YFI. its crazy to invest in this unless you get out fast not waiting for more ATH. even now it seems to go up but do at your own risk.

[maydna]

Just checked Binance and its trading around 2.77 BTC per YFI. its crazy to invest in this unless you get out fast not waiting for more ATH. even now it seems to go up but do at your own risk.

But no one will know if YFI can increase more or it will go down to the low price. It is unbelievable that YFI can surpass bitcoin price, and in a few hours ago, the price touches the new high price. Many investors in the crypto space, making a profit from YFI, but we don't know if there are people who losses by investing in YFI.

If we invest in YFI, we can take the profit while we still have a chance because we don't know what will happens in the next hours. So you need to get out for a while after you sell YFI at the high price. You don't have to buy and sell and follows the price because if you don't know how to analyze the trend and the price, you will lose the chance to make a profit.

[Teraboy]

Just checked Binance and its trading around 2.77 BTC per YFI. its crazy to invest in this unless you get out fast not waiting for more ATH. even now it seems to go up but do at your own risk.

Anyone who has no a lot of money will never try to buy this coin. My friend was getting trapped at ATH and it has already started to get a correction. I know this is the a good coin and this is the real YFI token but it sounds like the price is not reasonable for some reasons. My impression with this coin is very good and i just get a small amount of YFI to hold it until the it will reach next ATH.

[cryptoaddictchie]

Just checked Binance and its trading around 2.77 BTC per YFI. its crazy to invest in this unless you get out fast not waiting for more ATH. even now it seems to go up but do at your own risk.

I think this is the highest valuation for an altcoin so far. For only a month they were able to go that far? Is just so incredible. When I was since it last time, around 800$ I am  curious why the price is so expensive, and knowing its supply is really small, I think thats the reason but after few weeks of trading, now many news got into it and now its become a highly valuation project after major exchange started to list this. I do hope Id bought some but its okay, maybe not for me.

[leea-1334]

For those who able to ride and already secured profits, congratulations.

For those who still on hold and waiting for the right time to sell, Goodluck.

For those who are thinking just now to enter the hype, be cautious, and don't just jump in. It's not wrong to get involved but people have to understand the risks that they are not just playing with hype but for FOMO thinking as well.

Indeed, good luck. I think anyone who gets into this crypto defi game now has to really start counting the locked value for all crypto and be aware that the bubble is growing huge and for sure will burst at a certain stage,,, just expect it and do not cry when it does go bust. All our warnings will not be heeded of course;)

[Apostlekin$$$]

Damn! I don't think yearn finance is a safe haven for investors who don't have enough money to gamble with, no risk no reward they say but this token value is way too high, if price dumps it will be a huge loss of money, I would rather invest in BTC instead.

[Docbee]

Just finished writing a post on someone else's thread about it:

They were smart enough to set their supply to way fewer coins than most cryptos, and that attracted a lot of attention from everyone. If you were to multiply the 30k supply by 700 times (to get to BTC's max supply) and then divide the current price (~$29k) by 700, at Bitcoin's supply it'd be worth $41.5 right now. It's a very very vague calculus but I'm only considering the supply & price/coin.

In other words, it may be more expensive than Bitcoin but do people really not care about anything else besides price at this point?

As you are a Newbie, I would highly recommend you not to jump straight into the pumped coins if you're contemplating to. YFI may be $100k in a week or .. $1k. Volatility is a thing. You just don't know, and the timing is imo very risky right now. It's been a long time already since it's been very bullish. Coins that have really hard pumps usually have a period where the hype bursts out, and the price almost always follows. Therefore, just be careful when investing and make sure you don't get yourself screwed up by false hopes.

I strongly support this. Honestly, there is a kind of manipulations with this YFI.  A friend of mine called my attention to this some days ago, he said I should invest in it.  I was still weighing my option of doing that or not.  I just don't want to be a victim when the whole thing burst all of a sudden.

[Westfiled]

Damn! I don't think yearn finance is a safe haven for investors who don't have enough money to gamble with, no risk no reward they say but this token value is way too high, if price dumps it will be a huge loss of money, I would rather invest in BTC instead.

Bitcoin always becomes the best choice but YFI is only for those who are trying to speculate for the future of the YFI price. So many people were still actively trading this token and the current price has matched with the total token that has already issued by the company.

[princecharles]

Until now, if I don't have the answer, what really happened to YFI, why did it beat the price of the king of crypto (BITCOIN), is their token more useful than bitcoin or is this just hype In the history that I know, only this time the coin price can reach $28k

The major reason why the token can pump that much is because the total supply is small. If you check the market capitalisation you'll find out that the token is no where compared to Bitcoin. YFI has a total supply of 30,000 units which is far lesser than any token I know. If bitcoin was only 30,000 in supply, it would be worth over a million dollars by now. Don't get carried away by the pump. There are only few people holding a substantial portion of the tokens and when they dump, so many persons would get burnt.