An Ethereum (ETH)-based decentralized finance (DeFi) protocol has exploded in price amid a recent surge in whale activity and new addresses, according to crypto analytics firm Santiment. Native asset of auto-yield-farming protocol Yearn.Finance YFIis trading at $10,242 at the time of writing.
Santiment reported that the number of YFI transactions valued at more than $100,000 recently rose to its highest level since July 2022. states. New address growth is also “increasing exponentially,” according to the analytics firm.
Despite recent gains altcoinIt is approximately 89% below its all-time high of $90,786, reached in May 2021.
Santiment also notes that Ethereum fees have risen to their highest levels in the last four months.
General crypto- In terms of the market, Santiment says digital asset traders are still bullish, which has historically made markets flattening or fading more likely.
“Crypto markets have been flat for the past three days, but traders are still showing signs of optimism and FOMO. Historically, price increases are most likely to occur after the crowd gets spooked and keywords like sell, top, or scam go up on social media.”
The 129th-ranked crypto asset by market cap is up more than 71% in the past seven days.