Yearn Finance’s YFI token fell by more than 40% within the last 24 hours, resulting in a significant liquidation of approximately $5 million. The sudden price decline led to speculation of whether suspicious things were happening to the protocol.
Data from BeInCrypto shows that Yearn Finance’s price fell sharply from $14,519 to $8,915 within a few hours. But, YFI has recovered to over $9,000 as of press time.
YFI’s Market Cap Free Falls
The sudden sell-off resulted in Yearn Finance’s market cap dropping by approximately $200 million, from $482 million to $296 million.
Meanwhile, Coinglass data indicates that crypto traders who held positions in YFI were liquidated roughly $5 million during this period, comprising $3.5 million from long positions and $1.42 million from short positions.
Additionally, the DeFi token saw a 26% increase in its derivatives trading volume to around $2 billion and a surge in open
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Author: Oluwapelumi Adejumo
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