While the general rise in Bitcoin (BTC) and altcoins is slowing down, some altcoins are experiencing sharp and sudden declines.
One of these altcoins was yearn.finance (YFI), the popular DeFi altcoin listed on Binance.
At this point, YFI shocked the investors in the market with its decline of more than 40% and dropped to the level of 8200 dollars.
YFI became one of the shining stars of the market with its rise since November 8, reaching up to $ 15,900 in about 10 days.
Although the reason for this sudden drop is not exactly known, it is said in the community that the yearn.finance team made a large amount of sales.
Apart from this, Lookonchain pointed out the 40% decline in YFI and said that there were whales selling YFI.
“Wallet 0x48f9 made 446 YFI transfers worth $5.8 million, most of which were deposited on exchanges.
Besides this wallet, another whale also sold YFI. Accordingly, this whale was very lucky and sold 96 YFI for 636 ETH ($1.23 million) at a price of $12,893 before YFI crashed.”
Why did $YFI suddenly plummet more than 40%?
Wallet "0x48f9" transferred 446 $YFI($5.8M) out, most of which was deposited to exchanges.https://t.co/Scw2wsE7lK pic.twitter.com/mrikh2dviO
— Lookonchain (@lookonchain) November 18, 2023
The decline in YFI also left investors in long and short positions upset. According to data received from Coinglass, there was a liquidation of $ 4.04 million in YFI futures positions in the last 24 hours.
Of these liquidations, $2.88 million consisted of long positions and $1.16 million consisted of short positions.
YFI continues to trade at $9,161 at the time of writing.
*This is not investment advice.
