YFI Copycat YFFI Enters Death Spiral As It Plummets By Almost 100%

After the community observed yearn.finance's [YFI] price hitting almost $5K, several tokens mimicking YFI entered the market. However, they seem to be nothing but products…


After the community observed yearn.finance’s [YFI] price hitting almost $5K, several tokens mimicking YFI entered the market. However, they seem to be nothing but products of a pump and dump scheme.


Decentralized Finance [DeFi] had all eyes on it after certain applications brought in immense value. DeFi’s lending and borrowing platform, Compound Finance undoubtedly initiated the whole DeFi token wave. Compound’s COMP governance token stirred the entire market following its impressive price movement. However, it soon proved to be nothing but a bubble, and the token depleted to a notable low.

After COMP, several other DeFi applications began releasing their own DeFi token. While some garnered exceptional value, a few others plummeted to their deaths. yearn.finance’s YFI caught the eyes of many as the token hit a high of $4,915.09. Considering its price movement, several commenced speculations of YFI hitting $10K before Bitcoin. But, the entire crypto community recorded the price of Bitcoin breaching both $10K as well as $11K. YFI during this time was trading at  $3,951.57.

Source – CoinGecko | YFI Chart

Despite its recent price slump, YFI observed a whopping 264 percent increase over the last 14 days. YFI was more valuable than many prominent cryptocurrencies in the market. Yearn.finance also locked a total of $223.3 million in DeFi. Spectating the value of this DeFi asset, several others started mimicking it and began releasing tokens like YFFI and YFII. However, these were nowhere close to the original YFI.

‘Imitation Is The Sincerest Form Of Flattery’

While the above statement stands true, the YFI copycats were at their worse during the time of writing. yffi finance [YFFI] was trading as low as $4. The price of this token wouldn’t have mattered as several other crypto assets are priced lower than this. However, YFFI went from trading at a high of $619.23 to $4.49. This token witnessed a slump close to 100 percent.

Source – CoinGecko | YFFI Chart

Similar to YFFI, YFII also soared to a high of $1,124.41 and dipped to a low of $140.46, which was a total of 42.8 percent drop.

The evident slumps in the price of these assets stood as substantial evidence that they were entering the death spiral.

To get the daily price analysis, Follow us on TradingView

Sahana Kiran

Sahana Kiran is a graduate in Political Science, Economics and Journalism. She is a full-time crypto writer at CoinGape and takes a keen interest in cryptocurrencies, especially Ethereum and Bitcoin. Even though she's not a HODLER yet, she has eyes on Bitcoin.

Recent Posts

DeFi Mania Continues to Catalyze DEX’s Volume

Decentralized exchanges [DEXs] has recorded phenomenal growth in 2020. And it is not the user…

16 hours ago

CrossFi Solutions Can Overcome the DeFi Hype in Building a Sustainable Future for Decentralized Finance

Decentralized Finance (DeFi) is no-brainer the crypto ‘buzzword’ of 2020, this space has experienced tremendous…

10 hours ago

Security Risks in DeFi (Decentralized Finance)

Decentralized finance has been the talk of the town for the last few months, seeing…

10 hours ago

Bitcoin Trading Volume on Bakkt Peaks Again as September Expiration Approaches

Bakkt recently had witnessed a peak in the trading volume of physically-settled bitcoin futures on…

16 hours ago

Bitcoin To 10x From These Levels Says Analyst, Predicts Other Giants to Follow MicroStrategy

Business Intelligence Firm MicroStrategy created a massive buzz by announcing BTC purchase worth $425 million.…

16 hours ago

Rubic, A Decentralized P2P Exchange Solving The Scalability Problems On DEFI

Rubic is a decentralized P2P platform that enables users to create, manage, trade, and exchange…

16 hours ago