YFI - The forgotten king
Assets covered: YFI
Metrics used: Price, Social volume, Dev activity, Coin supply on exchanges, MVRV 30D
While most alts have been rallying massively throughout the past 1.5 months, YFI's performance been rather lackluster......but is this laggard just a sleeping giant?
Let's take a quick look.
While it's no 10x performance, YFI's been making higher lows and higher highs with decent volume since bottoming out on 5th Nov 2020. Recently, it even managed to flip resistance into support.
Overall, this is generally a good sign as it makes its way towards the All-time high target around $43,000s.
There might be a few hurdles along the way but price action suggests that it's determined to break that ATH.
That said, it's still subjected to overall market conditions, which, at the moment is still in a bulltrend, allowing for further YFI upside.
Recent Notable events
- Yearn v1 yDAI exploit and how Yearn is making it whole for those affected.
- yv2 pool issue on Curve.fi
- 6,666 YFI approved and minted, bringing total supply of YFI to 36,666
For more updates on YFI, you can refer to this.
YFI's social volume has fallen to its lowest levels (range) since launch despite price gradually chugging upwards.
Looks like the crowd's off to chase other shiny coins that provides easy 5x opportunities (and there are indeed plenty around) instead of waiting for this slow burner.
This lack of interest is generally good especially when the project is consistently building as observed by the high dev activity. There's probably something coming up but the crowd is probably not aware of and it's good that they are not in yet (as usual, they tend to come at the top of a rally)
Meanwhile...who knows what Andre has up his sleeves.
YFI coin supply on exchanges have been gradually decreasing since November 2020 where it saw the highest Coin supply on exchanges since launch and Price bottomed out.
Suggesting that capitulation has taken place.
This gradual drop in YFI is healthy and positive as there's less sell pressure on exchanges.
MVRV 30D is still not in the overvalued zone, suggesting that we still have room to grow. Once it hits the overvalued zone, speculators are more incentivized to take profits as they are way in profit (as observed in previous local tops)
The lack of attention on YFI lately while everyone is chasing every other shiny coin or 5x coin is good.
Price continues to chug along and will eventually break ATH it seems and once that happens, in a bull market especially... the sky's the limit. And if BTC is of any indication, it tends to do a 2x from last ATH.
Perhaps we might see YFI finally heading close to that $100,000 mark. But before that.... make a pitstop at $66,666 as a tribute to the 6,666 newly minted YFI.
Cryptotwitter, now go meme it into existence.
Enjoy the ride!
Thanks for reading!
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