Is DFI.Money (YFII) crypto price dropping on Binance news?

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Is DFI.Money (YFII) crypto price dropping on Binance news?

Is DFI.Money (YFII) crypto price dropping on Binance news?
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Highlights:

  • Money is a fork of the DeFi aggregator platform yearn.finance (YFI).
  • The YFII crypto price slipped more than 34% in the last seven days.
  • The token is available for trading on exchanges like OKEx, Huobi Global, etc.

The DFI.Money (YFII) crypto is in focus after the token price plunged more than 29% on Wednesday morning. However, the trading volume skyrocketed by over 2798% in the trailing 24 hours.

Let's discuss what YFII crypto is.

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What is DFI.Money (YFII) crypto?

DFI.Money, launched in July 2020, is a fork of the decentralized finance aggregator platform yearn.finance (YFI). It aims to optimize returns for DeFi investors while adhering to the changes proposed in an upgrade plan called YIP-8.

DFI.Money’s main product is Vault, although it has many products in its kitty.

YFII is the native token of the platform. It is an ERC-20 standard token with a fixed supply. It is earned by liquidity providers through their participation in the network.

The token is available for trading on exchanges like OKEx, Huobi Global, etc.

DFI.Money claims to be a community-led protocol that does not provide commercial incentives like developer rewards.

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Why is its price declining?

The crypto market is volatile and is prone to various frauds. The trigger for its price fall may have been the social media discussions over whether DFI.Money is a Ponzi scheme.

In addition, Binance had recently announced to delist the YFII token from Binance Futures. The delisting may have been seen as not everything going right for DFI.Money.

On May 20, Binance said that it will delist yearn.finance (YFI) and DFI.Money (YFII) from its platform. However, the decision behind the move was not immediately known. Some users speculated that it might be due to Ponzi scam fears.

YFII’s price fell 34.69% in the last seven days. Hence, given the uncertainties in the crypto market, investors should exercise due diligence before considering an investment.

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DFI.Money (YFII) crypto price and performanceSource: CoinMarketCap.com

Bottom line:

The YFII crypto was priced at US$833.00 at 8:26 am ET on May 25, down by 29.78%, while its volume for the last 24 hours skyrocketed 2798.02% to US$257.17 million. It has a market cap of US$32.15 million, and its fully diluted market capitalization is over US$32.79 million.

The token has a total and maximum supply of 39,375, and its current circulating supply is 38,596. It saw the highest price of US$1,792.85 and the lowest price of US$375.93 in the last 30 days.

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