The king of cryptocurrency has been Bitcoin but a new crypto king seems to be rising amidst the post-COVID-19 comeback of the industry. Where the king of cryptocurrency stands tall due to the sheer market share of the king this new crypto king is only a niche coin but in the past few months have soared past Bitcoin not just in terms of the growth ratio but also the per coin conversion to dollars rate.
Who is the new crypto king in August 2020?
DeFi project-based Yearn.Finance token YFI appears to be the new crypto king after recording as high as 3,500 percent gains in less than two months. The new crypto king stood at under the $1000 mark around the mid of July 2020, but from there it took a drastic turn during the past month and a half and soared up to the $40,000 mark. Albeit the high mark was temporary but even after the fall the coin is still around $31000. The sheer jump from $1000 to the $40000 mark put the token on the trading charts radar and Trading View added it as a new coin on the charts menu.
What if YFI token?
YFI token is part of the yEarn.finance DeFi protocol. The protocol is designed to work as an aggregated yield manager from other protocols. The YFI token holders get voting rights on the proposals for the yEarn network upgrade and the YFI tokens can be acquired through cash injection into the protocol network, also known as yield farming process.
Could it be a one off?
Absolutely, it is indeed a unicorn as the analysts would call it since the creator of the token Andre Cronje himself states that that the token is “valueless” and just a “supply token. On the other hand, analysts are now making drastic predictions perhaps in the hope to gain some media coverage, where one analyst predicts that the coin may hit as high as $100,000. Similar predictions have been seen for Bitcoin as well, and always proved to be gimmicks to gain media attention.