Polychain capital has become one of the YFI whales by accumulating nearly 1000 YFI tokens
YFI expected to touch heights only if it withstands the selling pressure mounting at each stage before touching $20K
Big Players Emerge in YFI Space
Polychain Capital, one of the world’s leading investor in cryptocurrencies and companies, has emerged as the top firm holding a huge amount of YFI token. At present YFI is the most valued DeFi token among all other digital assets.
Polychain Capital earlier had bought nearly 799 YFI in two batches of 329 and 470 YFI each. In a recent update from Messari Crypto, an analytic and research firm, the company has acquired an additional 141 YFI. Therefore bring the total to 940 YFI which is nearly 3.1 percent of the total supply of YFI worth more than $16 million.
Therefore, YFI price can climb to new heights as a very large chuck of YFI is with a single entity. As the CEO and founder of NuggetsNews, a crypto reporting firm, Alex Saunders said, the big players might have decided the dip and stacking many would be profitable.
YFI Evoking August Nostalgic moments
YFI kept the whole crypto space on their toes by thriving from rags to riches in a very stipulated time. A single YFI token which was below $50 surged massively above $40,000 within a month. But woefully, it just slipped down below $10K to visit $7000 levels which were speculated as ‘buy at dip’ moment.
Later the token renounced back and within a small time-frame, YFI price shot up and attained above $19000 levels. Currently settling at $17,787 with a gain of 1.38 percent at the press time. However, it is expected to rise above $20K soon and also touch its all-time high very soon by end of 2020.
Also, the Bitcoin consolidation phase might have given the altcoin market, and the DeFi space great momentum. Among them, YFI has made the best use of it by surging more than150 percent within a week.
In the short-term YFI needs to test the strong resistance area surrounding $19,615 to continue with the bullish trend. It appears that the YFI community is very bullish on the YFI price and hence the technicals strongly point out towards the ‘Buy’ signal.