Category Archives: Altcoin
Uniswap Protocol Governance Token (UNI) is Live! – Product Release & Updates – Altcoin Buzz
The Uniswap Protocol token, UNI is live on Ethereum and the news has taken Twitter by storm. The news is even more exciting for existing Uniswap users as there is free UNI worth $1,4008 (1 UNI = $3.52) waiting for them in Uniswap. On a lighter note, this amount is more than the $1,200 Coronavirus stimulus check that millions of Americans received in 2020.
According to the official blog post, 400 UNI are claimable by each address, this even includes Uniswap addresses that have submitted only failed transactions to date. There are close to 120,000 such addresses.
At the time of press, close to 226,881 addresses hold UNI token and every second almost 12 addresses are claiming their free UNI. However, there exists an address that received more than 130k UNI. We will talk about that later in this article.
As a Uniswap user, all you need to do is log in to your profile and claim the UNI tokens. Here is a 2-step guide to claim the tokens:
In case you are facing issues claiming your UNI, Uniswap suggests this could be due to caching in the Cloudflare IPFS gateway. Furthermore, it suggests users use an alternate link.
TrustSwap founder Jeff Kirdeikis claimed and immediately sold the UNI for ETH. You may choose to hold the UNI as the ERC20 token is up by 100.3% in the last 24 hours.
Uniswap has proved to be a perfect product for the decentralized finance market. Now, the time is ripe to move towards community ownership by introducing UNI the protocol governance tool. According to a tweet by Robert Leshner, Founder Compound Finance, Uniswap will use Compound governance system contracts for governance management.
Right from its inception, Uniswap envisioned the development of a neutral and trust minimized ecosystem. For the very purpose, it has designed the governance framework with limited capacity. Precisely, the governance framework can participate only in:
At the time of genesis, Uniswap minted 1 billion UNI. Over the course of 4 years, 60% of these will be distributed to the Uniswap community members. However, 15% of these 60,000,000 UNI has already been distributed to past users. The tokens issued to the team, investors, and advisors will have a 4-year vesting period.
After 30 days, governance will reach its vesting cliff. Following this, Uniswap governance will be in complete control of the UNI vested to the Uniswap treasury.
Chef Nomi, the former head chef, SushiSwap confirmed that he received 138,269 UNI in the airdrop. It was first noticed by Twitter user @bcmakes.
Chef Nomi immediately confirmed the same by sharing the transaction details.
Currently, Uniswap and SushiSwap stand as strong rivals in the space. How Chef Nomi plans to use over 130k UNI? Will he contribute towards protocol governance or will he use them to dump UNI?
Do let us know your opinion in the comment section below.
Meanwhile, on our Altcoin Buzz YouTube channel, we are talking about whether the altcoin season for 2020 is over yet.
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Uniswap Protocol Governance Token (UNI) is Live! - Product Release & Updates - Altcoin Buzz
Analyst Nicholas Merten Says One Altcoin Poised to Outperform Bitcoin As Crypto Markets Search for Direction – The Daily Hodl
A prominent crypto analyst says theres likely more pain in store for Bitcoin traders.
In a new episode of Data Dash, Nicholas Merten says that the current price action of Bitcoin (BTC) suggests a retreat to $9,000 is likely.
What were seeing right now is something that I really kind of feared in a sense for Bitcoin. Its not anything bad in the long term, its just something in the short termI guess its a good thingit gives us a position to possibly build in a larger position if we have some additional fiatTaking a look at the logarithmic weekly chart for Bitcoin, well take a look at BitStamp here, this is of course taking a step back all the way to 2015, we really want to take a look between the top in 2017, the rising lows, the lowering highs, the ledge that was building up to the breakout price here. We went up to $12000 on Bitcoin and now weve corrected back down with the low being here for the last week around $9800. A lot of people are curious about where Bitcoin is going to go. What were really seeing here is a making of support on previous resistance.
Merten says he remains bullish in the long run, comparing Bitcoins price action to golds recent trajectory to all-time highs.
Gold had a very similar case. A long term range, higher support levels, points of resistance, and what we see here is price breaking above that line of resistance, coming down and making it support, and then kicking off the next rally and breaking out to all time highs over the last year and a half. This is very important when were taking a look at Bitcoin as Bitcoin is seen as digital gold by a lot of people in the sense of its investment philosophy and what youre really buying is an asset. The worst case scenario (for Bitcoin) would go down to $9000
Merten says he believes Bitcoin will begin a long-term push to all-time highs in the first quarter of next year.
In the meantime, the analyst says the DeFi bull run is not over yet. He expects Ampleforth to be a top gainer while Bitcoin moves sideways.
Were started to kick back up, weve got volume rushing back in, and now were in the green right now. Its starting to signal on the multiple hour charts or particularly the daily as well.
We can start to see here that Ampleforth and a lot of other DeFi plays are starting to kick in and starting to make some major moves starting to set in higher lows, starting to put the base here for much more longer term rather than these sporadic 4 or 5 day rallies thatve crazy ends. I think its going to be a nice substantial run up here in market cap when we start to set higher highs and higher lows.
Ampleforth (AMPL) is a new type of crypto aiming to achieve price-supply equilibrium. According to its whitepaper,AMPLs supply expands or contracts every 24 hours based on the tokens price. If AMPL trades above $1, users get more tokens, and if AMPL trades below $1, users lose tokens.
Featured Image: Shutterstock/GrandeDuc
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Analyst Nicholas Merten Says One Altcoin Poised to Outperform Bitcoin As Crypto Markets Search for Direction - The Daily Hodl
Binance Coin surges by ~22%; could it be the Burger talking? – AMBCrypto English
The markets ranking of the worlds top-10 cryptocurrencies by market cap has seen a host of changes over the past few months owing to a series of mini-rallies and corrections. For instance, apart from the top two positions, the remaining altcoins have all switched positions from time to time on CoinMarketCaps ladder. Binance coin [BNB] was one of the alts to gain positive momentum, having climbed into the top-10. Interestingly, it was also the only altcoin in the top-10 reporting massive gains on its charts.
BNB was being traded at $27.46, at press time, with its charts noting a fifth consecutive green candle, while registering a 22% hike in price over the last 24-hours, as per Binances chart on TradingView.
Interestingly, massive movements of Binance Coin were also highlighted by Whale Alert, a platform that tracks huge movements of cryptocurrencies. In fact, there has been a transfer of approximately $69 million BNB from Binance to an Unknown wallet in the past 24-hours. The last transfer took place a few hours back, one wherein 1 million BNB tokens worth $26.422 million were transferred from Binance to an anonymous wallet.
While many users speculated it to be an attempt to pump the tokens value, some users guessed that the transfer was going to BurgerSwap, a democratized automated market maker on Binance Smart Chain. Launched recently, BurgerSwap can be looked at as a replacement for the SushiSwap project as it intends to do things differently, while making DeFi accessible for everyone.
The announcement had noted,
As BurgerSwap is built on Binance Smart Chain, all tokens will have BNB pairs. In addition, each asset is also required to have a BURGER pair, which needs to account for at least 1% of the liquidity of the concerning asset to be eligible for mining rewards.
Since the use case of BNB has found a new avenue, the recent hike in price could be associated with the use of BNB in BurgerSwap. This trend aligned with the time when ETH was being leveraged on DeFi projects and the price of the digital asset surged. Despite the fact that it hasnt been long since the project was launched, with SUSHI users being hit, Binance may be able to attract more users, and with its open for all attitude, BNB may be the beneficiary of this new recipe.
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Binance Coin surges by ~22%; could it be the Burger talking? - AMBCrypto English
Linear Finance Token (LINA) Lists on Uniswap! – Product Release & Updates – Altcoin Buzz
Linear Finance, the project that holds the potential to make DeFi more attractive for users made a major announcement today. The team proudly announced the listing of LINA (native Linear Finance token) on Uniswap. The token listing will occur on Thursday, September 17th, 2020, at 8:00 AM EST. According to the official Twitter handle, the project will also launch its pre-staking incentive program at the same time.
The LINA listing is a much-awaited event for the Linear Finance community. In light of fact that another LINA token is floating in the market, the team is being extra cautious. It has published the contract address of LINA to protect its community from buying any unrelated token.
Contract address of LINA: 0x3E9BC21C9b189C09dF3eF1B824798658d5011937.
One of the major announcements of that took Twitter and Ethereum network by storm was the UNI (Uniswap protocol governance token) going live on Uniswap. Immediately after the announcement, Binance, OKEX, and other major exchanges quickly listed UNI.
Linear Finance quickly reacted to the news. According to its official telegram channel, Linear Finance will allow users to trade UNI for LINA directly. At 8 am EST, it will announce the Uniswap and LINA/USDT pool address to build a LINA/UNI liquidity pool.
According to the official blog post, Linear Finance will list 16,000,0000 LINA worth $80,000 on Uniswap. Thus, at the time of listing one LINA will be worth $0.005 USDT.
The project promised its investors that they will be able to secure assets at a fair market price always. That is what is exactly happening. Shortly after listing LINA on Uniswap, the public and private investors will also receive their share of LINA.
Apart from price fairness, Linear Finance is the first platform for DeFi that includes an exchange with cross-chain compatibility. Its protocol will bring a major difference in the DeFi playground. Furthermore, it also employs a delta-one approach. With this approach, traders always get the absolute value of the underlying asset.
As soon as LINA goes live on Uniswap, Linear Finance will launch the Pre-staking Incentive Program. According to this program, the users will receive incentives for staking their LINA tokens.
The staking platform will reward stakers with LINA tokens. However, these will be distributed at the time of mainnet launch. Immediately after the mainnet launch, the stakers can use these tokens to mint USD. The early supporters will earn a total of 150,000,000 LINA that release according to a schedule for over the next 8 weeks.
Here is a video on our Altcoin Buzz YouTube channel that talks about Linear Finance securing investment worth $1.8M.
Link:
Linear Finance Token (LINA) Lists on Uniswap! - Product Release & Updates - Altcoin Buzz
User who turned $200 in Ethereum into $250k due to altcoin bug comes clean – CryptoSlate
Last week, a coin attempting to leech off the success of Yearn.finance (YFI) launched.
Dubbed Soft Yearn (SYFI), the Ethereum-based crypto asset was launched with the premise of emulating the price of 0.0003 YFI through a rebasing mechanism popularized by Ampleforth (AMPL). As the projects website reads:
Soft Yearn is an adaptive cryptocurrency that will expand or contract its supply automatically. A soft pegged currency is tied to another currency. When a soft pegged currency has a significant difference from the main currencys price, the contract or expansion algorithm will converge the market price to the pegged price.
The cryptocurrency saw immediate success.
Uniswap price tracker Chartex recorded the coin rallying around 1,000 percent in the two hours from its launch. At the peak, at $190, the coin had a market capitalization in the millions, despite it only launching just hours earlier.
But just a day after its launch, SYFI crashed by over 99.9 percent to under a cent, with the coin becoming a laughingstock on Twitter as millions of dollars worth of wealth evaporated within moments.
What happened was that there was a bug in SYFIs rebasing mechanism that allowed an anonymous user to obtain a large sum of coins during the rebase to SYFI = 0.0003 YFI, then sell those coins at the pre-rebase price. There was also another bug that incorrectly rebased the coin to the target price.
As a result of these bugs, the user made away with 740 Ethereum, currently valued at around $250,000, despite him only putting up around $200 worth of ETH as starting capital.
Today, that user revealed himself and came clean, telling the story of what happened and what comes next.
On the morning of Sep. 6, a Twiter user with the handle Amplify released a 30-part Twitter thread, revealing that it was he that pulled off the impossible.
I am the person who sold $SYFI on uniswap at the same time as the Rebase. Or, I am the person who exploited the rebase bug in $SYFI.
After identifying himself as someone with a small crypto account of under $5,000 and someone that has dabbled in arbitrage, Robinhood, stocks, and many other investment venues, he got into what exactly happened on that fateful day.
Amplify explained that he found SYFI through Telegram groups, where users regularly ape into coins with perceived intrinsic value for exponential profits. He eventually stumbled across SYFI, which he claimed he made an instant 200 percent of one ETH by buying the coin when it listed on Uniswap, then selling the top.
SYFI was heavily promoted because its ICO, conducted through an Ethereum-based platform called Bounce, sold out within a minute according to some users.
A day after the coins launch on Uniswap, the Soft Yearn team prepared for the coins first rebase.
Amplify, expecting the coin to potentially rally after the rebase took place, decided to buy back in with 0.5 ETH.
Due to the aforementioned bug, when the rebase happened, he was offered the opportunity to sell his sudden influx of SYFI coins for 740 Ethereum, again valued at around $250,000.
He took the opportunity. Chances are, there were likely other users looking at the exact same thing as he was, but didnt pull the trigger:
I didnt know what would happen or where this fantastical made-up number in ETH would come from Now, looking back. This was going to happen regardless. If I didnt push that transaction through with 500 gwei, someone else would have (and likely did) with 490 gwei.
And as we now know, Amplify succeeded, having drained the liquidity from the Soft Yearn pool, leaving most users with coins worth basically nothing.
While he didnt explicitly say that he would be returning funds, the user has been gracious in his replies, pledging to return some of the funds to users who verifiably held SYFI or liquidity provider tokens at the time of the rebase. He added that he will be donating some of the capital to a Gitcoin grant of his choosing.
SYFI took a big reputational blow. Still, the anonymous founders behind the project intend on moving forward with a relaunch of the coin.
They wrote in a recent Discord post:
The Soft Yearn team is devastated by this event. We understand everyones frustration and anger, please bear with us while we work on sYFIV2 to fix things. Although this was a major setback, we believe we can come back stronger as we initiate our migration plan.
Its worth noting that a project attempting to accomplish a similar feat to Soft Yearn, the Chainlink-focused Soft LINK, has a mere $1.3 million market capitalization three weeks after its launch.
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User who turned $200 in Ethereum into $250k due to altcoin bug comes clean - CryptoSlate
Bitcoin Crashes Below $10,000, Is The ‘Altcoin & DeFi Apocalypse’ Over Yet? – Bitcoin Exchange Guide
While the stock market is closed today, recognizing Labor Day, the crypto market is bleeding.
For now, in another red day to mark the start of a new week, cryptocurrencies had a repeat performance. Much like last week, bitcoin dropped below $10,000 to as low as $9,880 on Bitstamp, albeit briefly.
The real trading volume meanwhile remains weak at just $1.4 billion.
One more flush before a bounce seems likely. Stocks probably go up tomorrow. Corn could rally with it, said one trader.
However, if we look back at the last bull cycle, the average correction is 35%. Given the fact BTC has only retraced 20% so far, another drop could see us below $8,000.
Meanwhile, Bitcoins Spent Output Profit Ratio (SOPR), which highlights when the average stakeholder is in a state of profit or loss, dipped below 1 for the first time since April. Currently, it is hovering right at the neutral line. Rafael Schultze-Kraft CTO at crypto data provider Glassnode noted,
This means bitcoins moved on-chain at a (small) loss, potentially shaking out some weak hands. Imo it is very crucial to hold this level here so a bearish trend reversal doesn't get confirmed.
While bitcoin is at the precipice, Ether is getting beaten hard. The second-largest cryptocurrency lost nearly 35% of its value last week to drop to $320. Currently, ETH/USD is around $335. Analyst Rekt Capital said,
Indeed the $360 has switched into a resistance, offering lower prices. Price breaks back into the $160-$360 range. Very low $300s is a real possibility going forward. $290 would be perfect.
The spark plug for these losses was a decline of 6.1% in the Ether balance on top 100 exchanges, from 16.92 million to 15.89 million over the past week.
Last week, before crashing, ETH price jumped to a new 2020 high last seen in June 2018, which led to an increase in this exchange's balance as investors and traders took off some profits.
The good thing is, despite the drop in price, the Ethereum network keeps on growing, with the number of addresses with a balance in ETH hitting a new all-time high on the weekend at 45.88 million addresses, as per data source IntoTheBlock.
This means people are buying the dips. These addresses have increased by 34.8% since the beginning of 2020.
The silver lining to this plunge in ETH price is DeFi will yet again benefit from the temporary collapse in Ethereum gas fees, and the vicious loop of chasing higher yield will resume yet again until the pressure cooker can no longer hold, said Denis Vinokourov of Bequant.
A crash in Ether prices is not good news for altcoins, especially DeFi tokens.
However, unlike last weeks 10% to 20% losses, the altcoins are down 2% to 10% today. Among the top altcoins, LINK with 3.70% gains and BSV 5.97% are the only exceptions.
As for the DeFi tokens, in the past hour, they all have turned green fast with CRV, SRM, and JUST up 8%.
But in the past 24 hours, SNX and CRV are down over 11%, RUNE 9.4%, SRM 9.3%, YFI 8.5%, KAVA 8.1%, BAND 7.2%, REN 6.6%, LRC 5.1%, KNC 4.7%, LEND 3.1%, COMP 1.7%, AMPL 1.4%, and WBTC 1%.
The biggest loser in the past seven days has been Ampleforth, which lost over 63% of its value with other notable mentions, including Melon (50%), Bancor (47%), and Curve (46%), as per CoinGecko.
As a result, the total value locked in the DeFi sector also dropped by 21% to $7.5 billion.
While more losses could be in order, depending on Bitcoins next move, which itself is waiting for the stock market, trader and economist Alex Kruger says the alts apocalypse the market experienced won't happen again even if BTC were to go down.
Alts apocalypse was the leading digital currency losing 5% of its value resulting in alts crashing 20-50%, which was extraordinary because Multiplier is usually in the 1.5-3x, not 4-10x.
Feel confident alts bottomed. BTC may flirt again with 9Ks. But alts bottomed. What the market saw yesterday was total obliteration. Strong hands remained, weak hands folded, said Kruger.
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Bitcoin Crashes Below $10,000, Is The 'Altcoin & DeFi Apocalypse' Over Yet? - Bitcoin Exchange Guide
YFI Climbs 50% From $18K Low While The Rest Of Crypto Stagnates, But Why? – NewsBTC
As incredible as Chainlinks rise has been across the crypto market, it has been eclipsed by the emergence of one extremely rare coin that has since become even more expensive than Bitcoin itself: Yearn.Finance (YFI).
The ultra-scarce DeFi digital asset has been defying gravity since its debut. And although there was a massive $20,000 collapse per token from local highs, the asset has recovered over 50% while Bitcoin and Ethereum stagnate. But whats the reason for YFIs runaway success?
The DeFi trend has taken a wild and wacky turn, bringing back memories of the ICO boom, complete with investors being burned by the hottest new token.
Pizza and Hot Dogs fresh out of the DeFi oven have left many crypto investors taking the plunge with a bad taste in their mouths, elsewhere in the DeFi space assets have been far more rewarding.
Take Yearn.Finance for example. This sizzling hot DeFi altcoin has grown from $5,000 to just under $40,000 at the high. The peak price is currently four times as valuable as Bitcoins price over the last week.
Related Reading | Pizza & Hot Dogs: How Uniswaps Profit Buffet Can Burn Crypto Investors
Bitcoin, Ethereum, and other top crypto assets have been consolidating at support in an attempt to hold strong. YFI, however, has left these powerhouses in its dust, showing off just how bullish the momentum has been.
Its this bullish momentum that has helped YFI regain as much as 50% of its recent losses, while the two top reigning crypto-assets continue to perform poorly
YFIs more than 50% recovery stopped short as daily resistance but may have found support at $22,000 per token. Four daily closes above that key level gave bulls enough confidence for another push higher.
Related Reading | Despite BTC Drop $10k, Top Ethereum DeFi Coins Undergo Strong Bounce
The fall to daily support also aligns with a retest of the mid-Bollinger Band, that thus far been holding. A retest of the mid-BB that holds strong often rises again towards the top of the Bollinger Bands.
If that acts as the next target, YFI could soar to retest $36,000 in the days ahead. If the buzzing DeFi token can get through there, a new all-time may be set.
As for whats fueling YFIs enormous rally, DeFi is currently an unstoppable trend luring investors in with its appetizing buffet of profits. The token rising from $5,000 to over $30,000 so quickly has caught the attention of all crypto market participants.
Only 30,000 YFI tokens exist, giving the asset even more scarcity than Bitcoin. The low supply is also a primary reason for the high price per coin, and why the assets price is so extremely volatile. That same volatility, however, has made YFI clearly more attractive to crypto investors than even Bitcoin or Ethereum recently, as the asset is easily beating them out in momentum.
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YFI Climbs 50% From $18K Low While The Rest Of Crypto Stagnates, But Why? - NewsBTC
DeFi Exit Scam Alert – $2.5M Moved – Finance and Funding – Altcoin Buzz
China-based blockchain security and audit firms PeckShield and SlowMist have warned Emerald Mine (EMD) users of a potential exit scam. EMD is an EOS DeFi mining project. According to SlowMist, the project contract emeraldmine1 has transferred user crypto tokens worth $2.5M to account sji111111111 and ChangeNOW.As these are user funds, they should be locked in a smart contract.
On Sep 8, the account sji111111111 received 787k USDT, 56k DFS, and 490k EOS from the emeraldmine1 DeFi account. Apart from this, 121,000 EOS moved to the ChangeNow cryptocurrency exchange.
Altcoin Buzz reached out to Pauline Shangett, CMO of ChangeNOW, to understand how they are handling the situation. According to Pauline Shangett, over 121k EOS has been moved to ChangeNOW. At the time of press, ChangeNOW managed to catch 135,020 EOS, worth $375,355. Furthermore, the team is now waiting for law enforcement requests so that they can start returning the funds to their rightful owners.
According to PeckShield, these stolen USDT tokens are now moving from sji111111111 to DeFibox and other platforms. DeFiBox is now working with SlowMist and other security companies to track these tokens. Meanwhile, Newdex, the largest EOS-based decentralized exchange, has been contacted to add account sji111111111 to the transaction blacklist.
When Altcoin Buzz tried to find more information about the EMD founders and team, we noticed that the EMD website is not accessible now.
According to Hive witness Luke Stokes, EOS users must never send money to non-multisig accounts. Stokes also believes that either someone hacked EMD or it just did an exit scam. He also warned NewDex exchange users that 3 of the top 4 tokens on EOS (based on 24-hour volume) have no multisig. These projects are Diamond Mine (DMD), Organix Protocol (OGX), and Corals (CRL). He did clarify that although the token contracts are not using multisig, the pool contracts for Diamond Mine and Corals are multisig. The pool contracts are where the funds are actually being held.
According to Stokes, this is irresponsible on part of the projects and missing a multisig can lead to potential scams. He advised EOS users to always check for multisig before they send their money. Audit firm SlowMist, who first detected the movement, also advises users to always check whether the project authority is multisig or not.
DeFi promises to help us be our own bank and, according to Luke Stokes, this can be only possible when we take personal responsibility. Learn more about DeFi from our exhaustive DeFi guide.
Are you interested in DeFi? Check out this Ethereum and DeFi exclusive video on our Altcoin Buzz YouTube channel to know why we feel its just the beginning.
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DeFi Exit Scam Alert - $2.5M Moved - Finance and Funding - Altcoin Buzz
BTC and Altcoin Pay is Growing Fast, Says Crypto Payment Firm BitPay – Cryptonews
Source: Adobe/Wit (edited by Cryptonews)
Atlanta-based crypto pay service provider BitPay says that bitcoin (BTC) and altcoin payments are on the rise with the number of transactions on its platform growing by 4.6% in June.
Per data released by the firm, 107,000 crypto pay transactions were completed on BitPay in June, a new record high for the year.
Data shows that with the exception of March the most recent crypto crash, where BTC prices temporarily dropped below USD 4,000 transaction volumes have continued to climb, with over 100,000 per month since April, after ending 2019 with less than 90,000 transactions per month.
The company was founded in May 2011 and also operates the Copay corporate crypto pay platform.
Unsurprisingly, most of BitPays customers have been using BTC for payments, although the tokens dominance has waned very slightly in the past few months, dipping from over 92% at the start of the year to just over 89% in June. And while bitcoin cash (BCH) was the pick of the altcoins in January, that title now belongs to ethereum (ETH), with almost 4%.
The firm also claims that it is ahead of its closest rival, Blockchain. The latter has almost 22% of the market share, with BitPay claiming just shy of 38%.
So what do the companys customers spend their bitcoin and altcoins on? The companys data shows that the lions share is taken up by financial and internet services, which, combined, account for just under half of the total payments.
Over 12% of customers spend their tokens on prepaid cards, with a significant minority paying VPN fees in crypto and a few even paying their (4%) mortgages and bank fees in BTC and altcoins.
BitPay recently hit the headlines in its native United States when it partnered with American congressman Tom Emmer allowing the politician to accept crypto donations via its platform.
In a recent video interview, BitPay CEO Stephen Pair claimed that American car dealerships were also on its client list as well as Virgin Galactic, Sir Richard Bransons commercial space flight project.
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BTC and Altcoin Pay is Growing Fast, Says Crypto Payment Firm BitPay - Cryptonews
This Will Hold Altcoin Until It Reaches $ 100 Thousand – Somag News
Trader and analyst Josh Rager, one of the important names in the cryptocurrency community, shared his predictions about some altcoins. Josh Rager stated that he will hold the recently notable DeFi cryptocurrency yearn.finance (YFI) until it hits $ 100,000.
Popular analyst Josh Rager said on the matter:
When I was around 2,500 dollars, I made three YFI investments. The two were sold very early. Their value may now be close to 50 thousand US dollars. But I got one and I wont sell it until its over $ 100,000. Its highest level so far is over $ 16,100.
https://twitter.com/Josh_Rager/status/1296465347051245568
Rager continued his explanations regarding YFI. According to Rager, YFI outperforms Bitcoin:
I think 1YFI is equal to 1 BTC. Imagine that you bought Bitcoin for $ 2,000 a month ago, and its now worth $ 12,000. Everyone dies for this opportunity. And yes YFI did that.
Learn.finance (YFI), one of the popular cryptocurrencies of the DeFi (decentralized finance) world, has attracted the attention of investors as it has been the scene of significant increases for a long time. The number of people who provide many services and lenders in the cryptocurrency world is spreading to more and more people. Yearn.finance serves exactly this audience. Because yearn.finance users have the opportunity to use the DeFi network effectively by using this product. yearn.finance automatically tells investors how much revenue can be earned from which project and how much transaction fee will be charged for which project.
According to the data obtained from CoinMarketCap, YFI was trading at $ 13,950 at the time of writing. The DeFi cryptocurrency has dropped 7% in the past 24 hours. As we previously reported, YFI had a significant success as the first altcoin to surpass Bitcoin in terms of price. Analysts now think the YFI will continue this rise. However, there are also analysts who are pessimistic about this issue. Despite this rise of YFI, some people state that there is still a large risk of devaluation.
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This Will Hold Altcoin Until It Reaches $ 100 Thousand - Somag News