Annuity Finance (YFI) Price Plunges 45% Within Hours – What Happened?
Yearly Financial (YFI) prices dropped over 45% to $9k in 2018. November 18. The discount comes amid claims of market manipulation, including from DIDX Group. The price of YFI was around $9,260 on Sunday morning.
Aren Finance (YFI) traded up $9,260 on Sunday morning, November 19th.
The YFI token dropped 45% from $15,548 to $8,918 on Saturday, erasing all of last week's gains. YFI/USD has risen over 170% in the past month.
YFI price nose – what happened?
Air Finance's sharp decline comes amid negative sentiment in the market amid allegations that it may be in the market.
Meanwhile, YFI has seen massive deposits to the exchange and on-chain data shared by the marketplace shows a whale of a sell-off as Lookonchain's price plummets.
Why is $YFI suddenly down more than 40%?
Wallet “0x48f9” transferred 446 $YFI ($5.8M), most of which was deposited into exchanges. pic.twitter.com/mrik2dviO
— Lookonchain (@lookonchain) November 18, 2023
The alleged market manipulation was pointed out by the DYdX group, which disclosed that it used $9 million from its v3 insurance fund to plug liquidity gaps in the YFI market.
In a post on X, DYDX founder Antonio Giuliano said, “This is clearly a targeted attack on DYdX, including market manipulation of the entire $YFI market.
This attack on DIDX is clearly visible, including market manipulation of the entire $YFI market.
We are investigating with several partners and will be forthcoming with what we find.
– Antonio | dYdX (@AntonioMJuliano) November 18, 2023
On November 18, the FUD surrounding YFI's price led to an increase in leaks. Data from Coinglass shows that a total of $4.55 million was lost in 24 hours.
What is Aren's Finance?
YFI is an Air Finance Management token that is one of the leading agricultural protocols in the decentralized finance (DeFi) ecosystem.
The platform's suite of products, which include loan aggregation, product generation and insurance, are integrated by some of the best DeFi players, including Aave, dYdX and Compound.
In recent weeks, the resurgent crypto market has seen a significant increase in the value of the token. Having reached a high of $15,548, YFI was last trading at a high seen in May 2022. So profit deals can be a possible factor.
As of writing, YFI has reduced weekly gains by over 2% and its 30-day performance is down to +85%.
