YFI Surges 45% In less than a week After Yearn Finance Buyback Valued at $7.5 Million
Yearn Finance (YFI) is set to end the week as one of the best performers in crypto. The coin, at the time of writing this article, was trading at around $29, 100, its two-week all-time high. The price also came after a rally of nearly 46%, occasioned largely by a Yearn Finance buyback that was valued at around USD 7.5 million. Here is what we know:
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YFI has been on a 4-day bull run over the past week and could still grow further
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Yearn Finance had been buying back YFI in droves since November
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Yearn Finance also said it has $45 million in-store to buy back YFI in the future
Data Source: Tradingview.com
YFI Price Breakdown: How Far can It Go
There is no doubt the upside for growth as far as YFI goes is huge. This is already a very successful coin with a decent track record in the market. But an aggressive buyback program from Yearn Finance could easily put the coin into huge values.
In fact, analysts note that Yearn Finance on average, makes USD 100 million a year in fees alone. The protocol also has nearly $5 billion in total value locked against a market cap of around $781 million. With all these numbers, it is clear that Yearn Finance has enough liquidity on its books to fund an “aggressive” YFI buyback program.
Is it time to Buy YFI?
Yes, of course, it is. The fact that Yearn Finance wants to buy back as much YFI as it can is reason enough to believe the coin will surge. Besides, a 4-day bull run pushed the coin well over 30% in gains. Imagine what a sustained buyback program could do? And besides, the fundamentals of Yearn as a protocol are still very positive.
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Motiur Rahman, Khareem Sudlow