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    Home » Crypto News » Costly Mistake? Yearn Finance (YFI) Reached $77,000 On Binance

    Costly Mistake? Yearn Finance (YFI) Reached $77,000 On Binance

    Author: George Georgiev

    Last Updated Aug 29, 2020 @ 14:02

    Yearn Finance’s governance token, YFI, suddenly spiked to 77,000BUSD on Binance. The coin retraced and managed to surpass Bitcoin’s all-time high value already.

    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.

    YFIBUSD_Chart
    YFI/BUSD, 15m, Binance. Source: 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.

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    You Might Also Like:

    • Everything You Need to Know About the Yearn Finance Projects
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      Short Time? After 30,000% Since Launch, Binance Futures Adds Yearn Finance (YFI) For Leveraged Trading
    • yfi_btc
      The New Bitcoin: yEarn.Finance (YFI) Is Trading Above 1 BTC Ahead of The Split
    Read more on: Binance DeFi Yearn Finance

    About The Author

    George Georgiev View more posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over two years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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