Ethereum-Based DeFi Altcoin Explodes Amid New Spike in Whale Activity: Analytics Firm Santiment
An Ethereum (ETH)-based decentralized finance (DeFi) protocol has exploded in price amid a recent spike in whale activity and new addresses, according to the crypto analytics firm Santiment.
YFI, the native asset of automated yield-farming protocol Yearn.Finance, is trading at $10,242 at time of writing.
Santiment notes that the number of YFI transactions valued at more than $100,000 recently surged to its highest level since July 2022. New address growth has also been “exponentially increasing,” according to the analytics firm.
#BTC #CryptoTrend Despite its recent gains, YFI remains nearly 89% down from its all-time high of $90,786, which it hit in May 2021.
Santiment also notes that Ethereum fees have risen back to their highest levels in four months.
$ETH #AVAX