YFI a symbol of a abnormal bubble hype in DeFi
Chasing Bitcoin: YFI Surpasses $6000 Following Binance Listing
A classical teaser. First, you say this token is not for sale and has zero value. Then you claim a statement this token can't be the premise or something else. After a while, you make listing at Binance and need skyrockets because people are in the fear of missing out moment. Than trading is on high value and becomes the 10th largest tokens on market cap. Do you remember this hype? Yes, indeed the announcement of ZCash. It becomes for a while worth of 3 BTC before it crashed. The most exciting bit, from today’s standpoint, is what Cronje said regarding YFI’s value.
“… we have released YFI, a completely valueless 0 supply token. We re-iterate, it has 0 financial value. There is no pre-mine, there is no sale, no you cannot buy it, no, it won’t be on Uniswap, no, there won’t be an auction. We don’t have any of it.” – He said.
As it often happens in the cryptocurrency space, though, things took an interesting turn. YFI was, indeed, listed on Uniswap and on a few other exchanges as well. Its value skyrocketed by 35000% in less than seven days as it reached $3,000.
Today, Binance, the world’s largest cryptocurrency exchange, announced support for YFI as well.
Naturally, the price skyrocketed. At the time of this writing, YFI is trading at $6,270, according to CoinMarketCap. This represents a daily increase of about 42%, and it’s still the second most expensive cryptocurrency on the market.
Go for the hype and take a dip. DeFi is hackable. Don't bet too high before you lose.
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