Ethereum-based DeFi altcoin explodes amid new surge in whale activity: analytics firm Santiment
According to crypto analytics firm Santiment, the price of an Ethereum (ETH)-based decentralized finance (DeFi) protocol has exploded due to a recent surge in whale activity and new addresses.
YFI, the native asset of automated yield farming protocol Yearn.Finance, is trading at $10,242 at the time of writing.
Santiment notes that the number of YFI transactions worth more than $100,000 recently rose to its highest level since July 2022. According to the analysis company, the growth of new addresses has also “increased exponentially”.
Source: Santiment/X
Despite recent gains, YFI is still nearly 89% below its all-time high of $90,786, which it reached in May 2021.
Santiment also notes that Ethereum fees have risen again to their highest level in four months.
Source: Santiment/X
Looking at the crypto market as a whole, Santiment says digital asset traders still have a bullish bias, which has historically caused markets to flatten or decline.
“Crypto markets have flattened over the past three days, but traders are still showing signs of optimism and FOMO. In the past, price increases were most likely to occur when the crowd became fearful and keywords like “sell,” “top,” or “scam” gained traction on social media.”
Source: Santiment/X
The 129th-ranked crypto asset by market capitalization is up more than 71% in the last seven days.
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