Fun

News Feed - 2023-11-19 01:11:28

Ana Paula Pereira7 hours agoYearn.Finance token tumbles 43%, community speculates on exit scamYearn.Finance"s YFI token crashed over 43% in just five hours, after rallying almost 170% in November.4037 Total views23 Total sharesListen to article 0:00NewsJoin us on social networksYearn.Finance"s governance token (YFI) plummeted over 43% in just five hours on Nov. 18 after rallying almost 170% early in the month, stirring fears about a possible exit scam. 


During the dramatic drop in value, over $300 million was wiped out in market capitalization from November"s gains, according to data from CoinMarketCap. At the time of writing, the YFI token is trading at $9,069 from $14,185 a day before. However, the token is still up 83% over the past 30 days.


The sell-off has triggered another weekend of fear, uncertainty and doubt (FUD) within the crypto community. On X (formerly Twitter), some usersclaim that 50% of the token supply was held in 10 wallets controlled by developers. However, Etherscan datasuggests that some of these holders may be crypto exchange wallets.YFI token holders on Nov. 18, 2023. Source: Etherscan 


In addition, some X"s users pointed out that opening short positions may have triggered the move. Data from Coinglass shows a jump in YFI open interest, indicating that traders are shorting the coin after November"s gains.


"I bought the dip… someone sold 1000 coins perhaps that’s why it dropped massively. Will see,"commented a trader on X. According to another user, YFI"s price movement after the decline is unusual for exit scams:"Doesn’t look like rugpull at all. Cuz inspite if so much sell off price is still stable at 9k which is 80% above its bottom."


Yearn.Finance is a decentralized finance (DeFi) protocol that provides automated trading solutions for DeFi markets. Andre Cronje, an Ethereum developer and entrepreneur, launched the protocol in July 2020. Cointelegraph reached out to Cronje and Year.Finance but did not receive an immediate response.


Magazine: Beyond crypto — Zero-knowledge proofs show potential from voting to finance# Altcoin# Decentralization# DeFiAdd reactionAdd reactionRead moreHelp or hindrance: Is Web3 really improving mainstream industry and products?Will the next crypto bull run be dominated by L1s, L2s or something else?Solana gains 80% in a month as Firedancer goes live on testnet

News Feed

Bitcoin exchanges’ BTC balances have dropped almost $10B in 2024
William Suberg8 hours agoBitcoin exchanges’ BTC balances have dropped almost $10B in 2024Bitcoin exchange withdrawal trends are clear as “pent up institutional demand” from the spot ETFs combines with the upcoming
Crypto Startups to Get up to $75,000 From the Government of Ukraine
Crypto Startups to Get up to $75,000 From the Government of Ukraine Ukrainian crypto companies can now receive up to $75,000 each in the form of government sponsored grants. A sp
Bitcoin Mining Firm Cleanspark Purchases 10,000 Bitmain Miners for $28 Million
Bitcoin Mining Firm Cleanspark Purchases 10,000 Bitmain Miners for $28 Million The bitcoin mining company Cleanspark revealed on Wednesday that the company has signed a purchase ag
Starting My Journey Into the Metaverse by Throwing Tomatoes at Zuckerberg’s Face
Starting My Journey Into the Metaverse by Throwing Tomatoes at Zuckerberg’s Face Editor’s Note: The following story was written by Neomi, an author from China with experie
21shares Launches Bitcoin Cash and Ethereum ETPs on Deutsche Boerse’s Xetra
21shares Launches Bitcoin Cash and Ethereum ETPs on Deutsche Boerse’s Xetra The cryptocurrency exchange-traded products (ETP) provider 21shares AG, formerly kn
New record: Bitcoin ETFs hit $1B in daily inflow
Arijit Sarkar25 minutes agoNew record: Bitcoin ETFs hit $1B in daily inflowAs a direct result of the massive inflows into the Bitcoin ETFs and a supporting bull run, the daily inflows of capital being stored by the Bitco
Martin Young3 hours agoAptos resumes operations after 5-hour outage that ‘impacted’ transactionsAptos suffered a five-hour outage, coincidentally in the same week the network launched in 2022.862 Total views11 Total
Andrew Tate token surpasses MOTHER amid claims of insider activity
Jesse Coghlan3 hours agoAndrew Tate token surpasses MOTHER amid claims of insider activityBubblemaps’ analysis claims a handful of wallets purchased 30% of the supply of the memecoin DADDY before Andrew Tate promoted i
Gareth Jenkinson38 minutes ago99% of Nigerians are crypto aware — ConsenSys reportA survey featuring respondents from all seven continents suggests that Nigeria has the most crypto-aware population globally.223 Total v
William Suberg9 hours agoBitcoin price taps $29.3K as data shows ‘most resilient’ US jobs marketBitcoin offers slight volatility after fresh U.S. macro data, but BTC price behavior remains firmly rangebound.1649 Tota
OFAC Sanctions 7 New Bitcoin Addresses Allegedly Associated With Iran-Related Ransomware Activities
OFAC Sanctions 7 New Bitcoin Addresses Allegedly Associated With Iran-Related Ransomware Activities The Treasury’s Office of Foreign Asset Control (OFAC) has published a spe
Economist David Rosenberg Pleads Ignorance on Bitcoin After Predicting Massive Bubble
Economist David Rosenberg Pleads Ignorance on Bitcoin After Predicting Massive Bubble Economist David Rosenberg has pleaded “ignorance on bitcoin” af