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Yearn Finance’s native token YFI experienced a tremble on Saturday when the <a href="https://coingape.com/yearn-finance-yfi-price-crashes-45-within-hours-whats-happening/" target="_blank" rel="noopener noreferrer nofollow">token fell more than 45%</a> in just a couple of hours. The decline from the previous day’s high of $15,891 to the current $9082 shows massive whale movement inside the market. On the safer side, YFI is still in a green zone if the 7-day change is considered.
<h2 id="massive-whale-activity-triggered-yfi-sell-off">Massive Whale Activity Triggered YFI Sell-Off</h2>
Recently, analytics firm Lookonchain has shared some insights on the YFI price declination. It was found that a single address with initials “0x48f9” has moved massive funds around exchanges. The address transferred nearly 446 YFI, worth around $5.8 million, in ETH to various exchange addresses.
<figure id="attachment_164873" aria-describedby="caption-attachment-164873" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-164873" src="https://coingape.com/wp-content/uploads/2023/11/F_NICcQbwAA2x1L-1224x575.jpg" alt="" width="751" height="353" srcset="https://coingape.com/wp-content/uploads/2023/11/F_NICcQbwAA2x1L-1224x575.jpg 1224w, https://coingape.com/wp-content/uploads/2023/11/F_NICcQbwAA2x1L-300x141.jpg 300w, https://coingape.com/wp-content/uploads/2023/11/F_NICcQbwAA2x1L-768x361.jpg 768w, https://coingape.com/wp-content/uploads/2023/11/F_NICcQbwAA2x1L-1536x721.jpg 1536w, https://coingape.com/wp-content/uploads/2023/11/F_NICcQbwAA2x1L-2048x961.jpg 2048w, https://coingape.com/wp-content/uploads/2023/11/F_NICcQbwAA2x1L-150x70.jpg 150w" sizes="(max-width: 751px) 100vw, 751px">
 <figcaption id="caption-attachment-164873" class="wp-caption-text">
 Source: Lookonchain
 </figcaption>
</figure>
Most of the tokens were transferred to Binance in 10-20 minutes. The repercussions of the same were experienced by traders and holders as the price took a U-turn. However, not everyone incurred losses, as per Lookonchain data, a whale sold his 96 YFI for 636 ETH in a nick of a time at $12,893.
<figure id="attachment_164878" aria-describedby="caption-attachment-164878" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-164878" src="https://coingape.com/wp-content/uploads/2023/11/ITB_large_holders_netflow_undefined_2023-11-18T13_08_47.692Z.png" alt="" width="751" height="501" srcset="https://coingape.com/wp-content/uploads/2023/11/ITB_large_holders_netflow_undefined_2023-11-18T13_08_47.692Z.png 1200w, https://coingape.com/wp-content/uploads/2023/11/ITB_large_holders_netflow_undefined_2023-11-18T13_08_47.692Z-300x200.png 300w, https://coingape.com/wp-content/uploads/2023/11/ITB_large_holders_netflow_undefined_2023-11-18T13_08_47.692Z-768x512.png 768w, https://coingape.com/wp-content/uploads/2023/11/ITB_large_holders_netflow_undefined_2023-11-18T13_08_47.692Z-150x100.png 150w, https://coingape.com/wp-content/uploads/2023/11/ITB_large_holders_netflow_undefined_2023-11-18T13_08_47.692Z-272x182.png 272w" sizes="(max-width: 751px) 100vw, 751px">
 <figcaption id="caption-attachment-164878" class="wp-caption-text">
 Source: Intotheblock
 </figcaption>
</figure>
Data from Intotheblock shows that the overall whale outflow over the month is lower than the overall whale inflow. The large holder’s inflow sees a 158% increase from the past month while that large holder’s outflow stands at 105%. The total net flow stands at 636.99 YFI at the moment.
Also Read: <a href="https://coingape.com/worldcoin-wld-price-tanks-12-after-openai-ousts-sam-altman-whats-next/" target="_blank" rel="noopener noreferrer nofollow">Worldcoin (WLD) Price Tanks 12% After OpenAI Ousts Sam Altman, What’s Next?</a>
<h2 id="yfi-rise-and-fall">YFI Rise And Fall</h2>
Yearn Finance (YFI) has shown a tremendous uptrend in the previous week going against the bearish market. YFI became the top gainer of the week with an astounding 168% spike within 9 days. The rise was spurred mostly by the anticipation of the Yearn V3 launch announcement.
After the 9-day bull run, YFI fell more than 45% in just a single day shredding off all the gains. According to Coinglass data, the five-hour selling spree resulted in the liquidation of YFI longs worth $2.1 million.
At the time of writing, the YFI price stood at $8,963.41, down 39.90% in the last 24 hours. Despite the short-term dip, the past week has seen a 5.80% increase. Meanwhile, the 24-hour trading volume of the crypto was $456.17 million during writing.
Also Read: <a href="https://coingape.com/justin-sun-poloniex-to-resume-operations-after-114-mln-hack/" target="_blank" rel="noopener noreferrer nofollow">Justin Sun’s Poloniex To Resume Operations After $114 Mln Hack</a>
The post <a rel="noopener noreferrer nofollow" href="https://coingape.com/yearn-finance-yfi-price-declines-amid-soaring-whale-activity/">Yearn Finance (YFI) Price Declines Amid Soaring Whale Activity</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coingape.com">CoinGape</a>.

Yearn Finance (YFI) Price Declines Amid Soaring Whale Activity

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