Yearn Capitalizes on Retail Mania, Sends YFI to Nearly A Six-Figure ATH
The Yearn team has launched its own canine-themed token, WOOF, which is pegged bidirectional to YFI. It is currently recording $25.76 million in volume and has $11.20 million in TVL on Uniswap V3.
YFI has awoken from its slumber to simply rip to an all-time high at $95,650 on Coinbase
The blue-chip token was trading around $52,000 on Tuesday before it simply went crazy to hit nearly six figures as it topped out at $93,435.53. As of writing, YFI is trading at around $80,500.
Ever since bottoming out at $7,500 in November, YFI has been slowly making its way up, nothing exciting rather boring in the ongoing raging bull market. But this week’s explosive move up was no different for the coin, which during the DeFi summer was worth more than one BTC and was the one to hit Bitcoin’s ATH $20,000 before the trillion-dollar asset itself.
And yet again, it went just inches away from hitting $100,000 before Bitcoin.
What’s interesting is, YFI may finally start the latest DeFi summer as Su Zhu, the CEO of Three Arrows Capital, noted, “YFI leads all defi szns.”
This can be seen in the gains already recorded by DeFi coins in the past 24 hours, up 10% to 50%.
But what sent YFI over the edge to experience this 84% run-up in a day besides that we are in a mania?
Yearn team simply made a genius move, capitalizing the ongoing retail mania around the canine-themed meme coins, which has been sending SHIBU, AKITA, and several other DOGE-inspired coins on a face-melting rally.
Late on Tuesday, Yearn’s core developer Banteg introduced Woofy, which is not only the top trending coin on the data site CoinGecko but also sitting on the first page of Uniswap V3 with more liquidity than Shiba Inu (SHIB).
As of writing, Woofy is managing $25.76 million in volume on Uniswap V3 compared to $2.37 million in volume by Wrapped Dogecoin (WDOGE) and $79.51 million by Shibu Inu. When it comes to TVL, WOOFY has $11.20 million in total value locked while $10.82 million and $8.51 million in WDOGE and SHIB, respectively.
“The blue dog companion token of Wifey utilizes special Woof technology which allows two-way conversion between the two. That means you can be exposed to a lighthearted dog coin and the DeFi darling blue chip at the same time,” he explained.
WOOF’s bidirectional peg to YFI at a low price means that for every 1 YFI, 1 million WOOF is released. And with all the excitement around dog coins, now everyone wants a piece of it.