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YFI prices fell by nearly half at a higher point, analysts said investors should pay attention to the $22,000 support level
The data shows that the DeFi aggregation revenue agreement Yearn.Finance token YFI has fallen back to around 23,000 USD, and the higher point (44,000 USD) has fallen by nearly half.
Cryptoslate quoted analyst Cantering Clark as saying that the central area of $22,000 is a key support level that investors must pay attention to. If it falls below this point, the token may further decline. At the same time, YFI may lead other DeFi tokens lower. I think it has become a benchmark and index like Bitcoin. ”
It is understood that YFI does not have pre-mining and will not be sold. The token distribution is generated through mining from the beginning. The initial supply is 30,000, which are allocated to curve (ypool) and balancer (YFI-DAI pool). And the YFI-yCRV pool, with 10,000 tokens allocated to each pool.
Eight days after the YFI token was launched, it recorded an increase of over 100,000% and the price increased by 1,000 times. Initially, YFI’s Balancer was only US$3. In less than a week, its price rose by more than US$3,000, and then it rose to about US$4,500, which was an amazing increase.
Since then, the price of YFI has risen steadily, from 4,500 U.S. dollars to above 20,000 U.S. dollars. The price of a single token surpassed the number one Bitcoin in market value, and then continued to rise to 44,000 U.S. dollars.
However, according to recent data provided by IntoTheBlock, only 26% of YFI holders have made a profit, while the token has risen 65867% since its launch in mid-July.