2020-7-26 20:00 |
Decentralized finance is absolutely on fire, and so is every crypto token in the segment. The latest token to take off due to the unstoppable trend is yEarn Finance.
According to a well-known crypto analyst and podcaster, YFI may be a contender for the fastest 100x ever in the crypto market.
$10,000 Invested in yEarn Finance 6 Days Ago Worth Nearly $1 Million USDCapital cycling through one DeFi project to another is causing pump after pump in the crypto market.
This week alone has seen several DeFi tokens going on explosive rallies. Ampleforth, another new DeFi token, experienced an over 700,000% flash pump followed by a 99.99% crash back down to reality.
Today, the DeFi token making headlines for bringing crypto investors enormous returns is yEarn Finance (YFI).
Related Reading | What In The World Caused A 700,000% Flash Pump In Altcoin Ampleforth?
According to a crypto podcast personality and trader Luke Martin, yEarn Finance was $34.53 just six days ago but is now trading at $3,052.40.
The climb represents an over 8725% ROI in less than a week according to Martin’s figures. Martin claims that the ridiculous rise could be one of the fastest “100x” the crypto market has ever witnessed.
$YFI price 6 days ago: $34.53$YFI high today: $3,052.40
This may be the fastest 100x in the history of crypto. Defi is wild.
h/t @Rewkang pic.twitter.com/tSoofDkLAV
— Luke Martin (@VentureCoinist) July 24, 2020
Just $100 invested at that time would be worth nearly $9,000 a week later. $1,000 would now be worth closer to $100,000, and a $10,000 investment would result in just over 100 grand shy of a million dollars.
DeFi Success Stories Are Becoming a Dime a Dozen Across CryptoThis type of success story used to be commonplace in the crypto market back during the 2017 bubble build up. But gains like these haven’t been seen since the ICO boom ended.
Decentralized finance is the first major trend to bring back a glimmer of that past success.
yEarn Finance YFIUSDT Hourly Price Chart | Source: TradingViewLarger projects with more progress and liquidity kicked off the craze. Ethereum saw the initial growth at the start of 2020, but soon after that capital rotated into Compound (COMP), then Aave (LEND), and later Maker (MKR).
Now it’s flowing into Ampleforth, yEarn Finance, and others, due to crypto investors searching for the next big thing in DeFi.
And it’s clear to see why. Those who were earliest to jump on each coin were able to ride the initial waves to wealth.
Related Reading | Three Signs the Explosive LEND Crypto Trend Could Come To An End
Still, other analysts warn that this approach is a disaster waiting to happen and that it’s wiser to stick to tried and true projects with higher liquidity.
As yEarn Finance has shown, however, even meager investments in the hot new thing can pay off extremely well. But for every success story, there’s a chance of stumbling upon the on DeFi project that goes defunct and results in ROI in decline.
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