YFI. 1D. High risk of correction to $15,500.
YFI is the native token of the DeFi project, Yearn.finance.
But YFI is not just a token that can get more expensive or cheaper. It is also an asset with which you can participate in the work of the Yearn.finance platform in terms of defining its development strategy.
The main growth triggers were the hype around DeFi and the fact that YFI is one of the most scarce cryptoassets. There are only 29,963 coins in circulation, and their total supply is 30,000. Still, the icing on the cake was YFI’s listing on one of the world’s largest crypto exchanges, Binance.
Result: parabolic growth without rollback to $39,690.
But now side effects from the rapid growth of the DeFi projects are beginning to emerge: vulnerabilities, SCAMs, margin liquidations.
And it means that we can assume that the first wave of hype is over and it’s time to talk about a correction.
To begin with, the YFI price should be corrected to the mark $15,500, if more globally, then to the mark $5500. There are targets even lower, but we don’t want to scare you yet.
However, if in the coming days the price rises above $35,000 for YFI , then the chances of the first wave of hype continuation will be extremely high.
Who knows what to expect from DeFi projects, maybe it is really a breakthrough in the crypto world, or maybe it is a deja vu ISO projects of 2016-2017 (who traded at that time will confirm that the feelings are the same).
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