Doggie coin sends Yearn.Finance soaring, as does $10bn project for EOS tokens
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Cryptocurrencies are firmly on the rebound this morning, with nearly every top 100 coin in the green. Yearn.Finance and EOS were the two top performers, both up by about 50 per cent on the day.
Yearn.Finance was soaring for a somewhat bizarre and ridiculous reason: a developer has created a dog token — Woofy — that’s swappable for YFI tokens on a million-to-1 basis.
The idea is to cash in on the current craze for canine coins, as well as appeal to those who feel that YFI token’s five-figure price point is too high.
95% of crypto assets are now dog tokens. We don’t make the rules 🎾 🐕
— Matcha 🍵 (@matchaxyz) May 11, 2021
So that means $WOOFY would cost $0.000076 (or $0.076)
— BrotherMuozone (@BrotherMuozone) May 11, 2021
Given that Ethereum transactions are dreadfully expensive at the moment — this person who transformed 0.662 of a YFI token into 662,000 Woofy coins paid US$49 for the privilege, for example — the idea may make some crypto fans flinch. Unlike the proliferation of doggy coins, the YFI project is well-respected in the “serious” crypto community.
But as they say, the market is always right — and at 11am AEST, YFI tokens were up 47.4 per cent to US$88,598. Earlier this morning they hit an all-time high of US$90,787.
The coins are used in an ecosystem of decentralised finance, allowing crypto hodlers to earn double-digit yields.
$YFI just broke out of 8 months of consolidation on strong institutional buying.
Fundamentals can no longer be ignored. pic.twitter.com/ugzIWgjnQt
— Daniel Cheung (@HighCoinviction) May 11, 2021
Meanwhile, EOS was soaring on word that a next-generation cryptocurrency exchange would be built on the platform.
Block.one, the company behind the EOSIO software, said it was creating a subsidiary to create the crypto exchange that is capitalised with over US$10 billion in cash and digital assets.
Bullish Global will focus on creating Bullish — a blockchain-based exchange set to be released this year.
Billionaire Peter Thiel is among the investors backing the project, Block.one said.
“Bullish’s balance sheet is strong, and its vertical integration offers stability and liquidity to the cryptocurrency space. I’m happy to join Bullish as an investor and advisor as it gets started on a long and fruitful journey,” Thiel was quoted as saying.
At 11.48am, EOS tokens were trading at US$13.86, up 50.7 per cent in the last 24 hours. Until now the once-heralded project has been a noticeable laggard of the crypto boom, despite Block.one raising a record US$4 billion to launch the platform in 2017/2018.
Want to thank the incredibly hard working teams at B1 and Bullish who are passionate and dedicated to leveraging #EOS, #EOSIO, and high performance matching technologies to upgrade the exchange landscape and lay a foundation for the evolution of programmable finance #ProFi https://t.co/JxCcLFv6kz
— Brendan Blumer (@BrendanBlumer) May 11, 2021
Leo Token, Huobi Token, Lido Staked Ether, cETH, Gate Token and Compound all also hit all-time highs this morning, while Safemoon and Polygon (MATIC) did so yesterday afternoon.
Overall every top 100 crypto asset was up in the past 24 hours, apart from Telcoin and Pirate Chain, according to Coingecko.
Bitcoin was trading at just over US$57,000 ($73,200), up 2.8 per cent, from 24 hours ago, while Ethereum was changing hands at US$4,178 ($5,350), up 7.7 per cent.
Given how well the market had recovered from yesterday’s dip, in which Bitcoin found strong support at US$55,000, the sentiment was buoyant.