November 16, 2023
An Ethereum-based decentralized finance (DeFi) protocol has experienced a significant surge in price due to a recent increase in whale activity and new addresses. The native asset of the protocol, YFI, is currently trading at $10,242.
According to the crypto analytics firm Santiment, the number of YFI transactions valued at more than $100,000 has recently reached its highest level since July 2022. Additionally, the growth of new addresses has been exponentially increasing, as reported by Santiment.
Despite its recent gains, YFI is still down by nearly 89% from its all-time high of $90,786, which was reached in May 2021.
Santiment also highlights that Ethereum fees have risen back to their highest levels in four months.
Santiment suggests that digital asset traders in the overall crypto market still maintain a bullish bias. This historical trend has often led to market flattening or fading.
YFI, the 129th-ranked crypto asset by market cap, has seen a remarkable increase of over 71% in the past seven days. However, investors should exercise caution and conduct thorough research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets.
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