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Yearn.finance (YFI) attracted the attention of market players following its sudden price dip to $8,300 from $14,500. The altcoin lost more than 45% of its value within hours. YFI’s wild price actions have triggered exit scam allegations.
JUST IN: Yearn finance ( $YFI ), one of the biggest platforms in the DeFi ecosystem, has just plummeted over -45% in an apparent exit scam by insiders.
Nearly half of the entire supply for YFI is held by 10 wallets, and over $250 million in market value has vanished in minutes pic.twitter.com/pMqonBcgux
— WhaleWire (@WhaleWire) November 18, 2023
Whale Wire speculated that a rug pull by Yearn.finance team contributed to the sudden declines, considering that ten wallets (including cryptocurrency exchange’s addresses) control nearly 50% of YFI’s supply in circulation.
Yearn.finance plummets 45%
The leading decentralized finance (DeFi) platform lost most of its latest gains on 18 November, following a 45% price dip.
YFI’s 1D Chart on Coinmarketcap
The swift plunge comes as market participants liquidated Yearn.finance holdings as the overall digital assets industry endured sell-offs.
YFI has seen bullishness since November began, gaining over 160% to the $15,591 high. However, the price has dipped from $15,591 to the low of $8,421. The value loss saw the asset’s market cap reducing by $250M within hours (down to $275M from $525M).
While YFI’s market capitalization is increasing, at $297.68M during this publication, investors seem to lose confidence following the sudden price fall.
Coinglass data shows the altcoin witnessed liquidations amounting to $5M within the past day. Moreover, leading platforms are recording declined YFI positions. Also, the open interest has surged substantially, confirming short position execution by Yearn.finance traders.
Crypto market outlook
The digital assets market flashes bearishness, with the global crypto market capitalization declining by 0.94% over the past day to $1.38 trillion. Top alts experience pressure as Bitcoin trades sideways. BTC stayed relatively calm over the past day, gaining 0.04% to $36,440. What to expect from the market in the near term?
— Mags (@thescalpingpro) November 17, 2023
Mags believe bears are about to dominate the crypto market. Bitcoin’s falling wedge pattern indicates a potential price fall for the leading digital token. Altcoins will likely mirror BTC’s movements. Meanwhile, cryptocurrencies seems to have lost steam following recent upsurges.
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