Yearn Finance (YFI) Price Declines Amid Soaring Whale Activity
Yearn Finance’s native token YFI experienced a tremble on Saturday when the token fell more than 45% in just a couple of hours. The decline from the previous day’s high of $15,891 to the current $9082 shows massive whale movement inside the market. On the safer side, YFI is still in a green zone if the 7-day change is considered.
Massive Whale Activity Triggered YFI Sell-Off
Recently, analytics firm Lookonchain has shared some insights on the YFI price declination. It was found that a single address with initials “0x48f9” has moved massive funds around exchanges. The address transferred nearly 446 YFI, worth around $5.8 million, in ETH to various exchange addresses.
Most of the tokens were transferred to Binance in 10-20 minutes. The repercussions of the same were experienced by traders and holders as the price took a U-turn. However, not everyone incurred losses, as per Lookonchain data, a whale sold his 96 YFI for 636 ETH in a nick of a time at $12,893.
Data from Intotheblock shows that the overall whale outflow over the month is lower than the overall whale inflow. The large holder’s inflow sees a 158% increase from the past month while that large holder’s outflow stands at 105%. The total net flow stands at 636.99 YFI at the moment.
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YFI Rise And Fall
Yearn Finance (YFI) has shown a tremendous uptrend in the previous week going against the bearish market. YFI became the top gainer of the week with an astounding 168% spike within 9 days. The rise was spurred mostly by the anticipation of the Yearn V3 launch announcement.
After the 9-day bull run, YFI fell more than 45% in just a single day shredding off all the gains. According to Coinglass data, the five-hour selling spree resulted in the liquidation of YFI longs worth $2.1 million.
At the time of writing, the YFI price stood at $8,963.41, down 39.90% in the last 24 hours. Despite the short-term dip, the past week has seen a 5.80% increase. Meanwhile, the 24-hour trading volume of the crypto was $456.17 million during writing.
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