Today, the price of the Yearn Finance (YFI) token hit a new all-time high of $90,000.
With only 36,000 tokens in circulation, its total market capitalization is still less than $3 billion, which is not even enough to enter the top 50 cryptocurrencies by market cap, but the 23% increase in the last 24 hours alone makes it one of the best performing cryptocurrencies today.
The increase is 70% over the past two weeks and 268% since the beginning of the year.
YFI only made its debut on the crypto markets in July of last year, at a price of around $800. Since then, the price has increased a hundredfold in about 10 months.
By September it had already surpassed $40,000, but by November it had fallen back to around $8,000. Since then it has increased tenfold.
In mid-January, Yearn V2 was launched, and in the following months, the total value locked in Yearn Finance’s pools reached $4.2 billion, more than doubling since last month.
The new project that pushed Yearn Finance to an all-time high
Rumours of a new project and a new token, called WUFFY, have been circulating recently and this may have triggered the buying spree.
Get in don’t miss the $WUFFY train
— Max Crypto Headroom (@maxcryptohead) May 11, 2021
WUFFY is said to be merely a means of renaming YFI holdings for the new Woofy Finance interface that offers two-way conversions from YFI to WUFFY at a ratio of 1 to 1,000,000.
However, the initiative does not please everyone and has even been criticized by some.
It should be noted that, after the enormous success of Dogecoin, tokens inspired more or less directly by dogs have been proliferating for a few days now, and WUFFY is no exception. If this sudden huge interest in this type of token turns out to be only a temporary trend, many of the gains made in the last few days could sooner or later be lost.