An overnight pump that pushed popular decentralized finance token, YFI, up by 23 percent, has entered a bull trap.
The Yearn Finance governance cryptocurrency fell 10 percent this Friday from its intraday top at $36,043. Its plunge appeared as a part of formal downside correction that typically follows price rallies. Traders apprehensively bought spot YFI at its session low, only to sell the token later at an excellent high.
YFI/USDT plunges lower on profit-taking sentiment. Source: TradingView.com YFI/USDT plunges lower on profit-taking sentiment. Source: TradingView.com
While the pump-and-dump was purely technical, what transpired the YFI price rally stood firm. Coinbase Pro, one of the world’s leading crypto firms, announced Thursday that it is going to list YFI-enabled trading pairs on its platform from next