Yearn.finance’s governance token (YFI) has been caught within a bout of extreme turbulence. A fragmented community, growing animosity towards the protocol’s founder, as well as a general downturn in the DeFi space have all struck serious blows to its outlook.
The cryptocurrency has now erased the bulk of the parabolic gains seen throughout its recent multi-month uptrend.
After rising from under $1,000 to highs of $45,000, the token has since plunged well below $20,000 and is showing signs of continued weakness.
This has caused analysts to set relatively low price targets for the cryptocurrency, with one trader noting that a move down to the sub-$10,000 region is likely imminent in the near-term.
He notes that the upcoming fiscal quarter will likely be rough for the Yearn.finance token, noting that each bounce following selloffs has been growing weaker.
Yearn.finance Price Continues Reeling Lower
Yearn.finance was previously the darling of the DeFi space, with its large community of ardent supports, an