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1000 More YFI Coins Proposed to Be Minted, How Will the YFI Price Be Impacted?

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Highlights

    Additional 3.33% of supply growth for the YFI is proposed intended to increase the total supply adding another 1000 tokens.

    The increase of the total supply is to reward the developer’s team led by Andre Cronje as they did not have time to mint some tokens for themselves.

    With the influx of nearly $32 million in the YFI platform, the community fears for a negative wave within the community.

Yearn Finance’s Limited Total Supply at the Stake!

Yearn Finance, the token due to which the DeFi space attained mainstream attention, mainly due to its limited supply of 30,000 tokens is at threat. A proposal that intends to compensate the contributors by minting more YFI tokens is under discussion on the governance forum.

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Infact, one of the members of the community has wholeheartedly committed to match up 20 YFI tokens for this cause. Moreover, if the newly minted tokens which will be worth more than $32 million at the press time will be kept locked in a multisig would probably make many people in the YFI community uneasy.

The reason is much simpler, more influx of liquidity into the platform might hammer the YFI price which may slide down as many of them may just walk out of the community selling off their holdings. However, not many people are in favor of the proposal and they hope if the rewards are necessary then let them be in the form of existing YFI tokens or fiat.

Also Read: Top Reasons Why YFI Price Might Rally to Highs by 2021

Too Many Ascending Triangles, What Awaits the YFI Price Ahead?

The YFI’s roller coaster is one of the most thrilling rides not only in the DeFi space but the entire crypto space. This token reached its highs above $40k twice and also declined to as low as $7K too, which clearly manifested the capacity of the token to fight to regain lost positions.

YFI price

Currently, the YFI price is $31747 at press time, trading in a very narrow range and formed as many as multiple ascending triangles and some fake breakouts. In some instances, the price broke the resistance line of the triangle and also broke down below smashing the support line of the triangle.

However, currently the price is yet again trending in an ascending triangle where-in a upward break out is the need of the hour. The rebound from the support levels may end up the token to surge to new highs, heading strongly towards it’s ATH, else may slip to the lowest levels below $30,000.

However, the coming couple of hours are pretty decisive for the YFI price which showcases the upcoming movements of the YFI price. One of the popular analysts CryptoBoss believes the YFI bull rally will continue as the triangle breakout forecasting an uptrend is imminent.


Interesting Read: BTC and YFI Competing to Be Exorbitant, Which Will Hit $50k First?

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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