Altcoin News
- Yearn.Finance (YFI) is up 34.71% in the last 24 hours.
- This comes as Yearn started massively buying back YFI.
- If this bullish position continues, YFI may hit $50,000 soon.
Decentralized finance (DeFi) leading yield aggregator for investors Yearn.Finance is up 34.71% in the last 24 hours. The new price position of YFI is attributed to the recent announcement by the platform that it has purchased $7,526,343 worth of YFI from the open market.
The team reveals that they entered a massive buyback in the coming weeks. So far they have gotten 282.4 YFI in a few days, representing 0.77% of the total supply at an average price of $26,651. They further disclosed that more YFI has been bought back in the past month than last year.
In addition, the YFI treasury has more than $45 million saved up with earnings stronger than ever, says its official Twitter page. At the time of writing, Yearn’s market volume has gained 243.71% with a total of $731,400,889. It currently trades at $28,297.14 and now ranks as the 87th most valuable crypto on CoinMarketCap.
What’s more, Yearn.Finance now boasts of $5.5 billion in total value locked (TVL). Since it announced that it has launched an updated user interface and is continuously working on the V3 product during its beta testing period, the price of YFI has gone parabolic.
While BTC and ETH are still struggling to regain position, YFI seems well off on its way to reaching a $50,000 mark soon. However, one that rightly predicts the direction of the market in the coming weeks but with the latest buyback program initiated by Yearn, one can only expect the price of YFI to rise soon.
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