Defi Tokens Went To The Moon
Most of the DeFi tokens had a bull rally with a massive surge in their prices. Some of them also surpassed the largest and the primitive crypto, Bitcoin and are successfully sustaining above its price. Let’s have an overview of some of these tokens which had a roller-coaster ride this week.
Yearn Finance YFI and its forks YFII and YFL, surge to their highest level. YFI reached its ATH with the soaring price of $39,306 on 31 August 2020. While YFII and YFL both also jumped to $9,405.23 and $1956.57 on Sep 01, 2020, and Sep 02, 2020, respectively.
- SushiSwap’s Sushi token
The token which was launched on 29 August, reached its ATH of $11.93 on Sep 01, 2020. However, currently, it slid down to $4.67 and trending with a narrow range.
Apart from these, some of the popular DeFi tokens failed to grab the ongoing DeFi trend. Tokens like Chainlink which is the most dominant token could manage to accumulate only a few dollars to its current price of $12.48. Other tokens like COMP, SNX, LEND, etc also followed the LINK, swinging with a small margin.
The Runner-Up Tokens of the Week
While some of the popular tokens took the DeFi space with a storm, some of the tokens created a hype which could not make it for a long time. However, tokens like Polkadot gained attention by jumping to the fifth position with a sudden surge in the market capital.
Other tokens like hotdog saw a short term glaze, by multiplying more than thousand times in just minutes and crashed drastically. Many other tokens that opened trading this week are fluctuating with a small margin and good days are yet to come.
Will Defi Space Bounce Back
This week knocked off well with all the DeFi tokens pumped to their highest level. However, with the decline in just a couple of days, many speculated the DeFi hype might have come to rest. But some followers believe the DeFi storm is yet to come, hence accumulate as much as possible at the dip.
As Bitcoiners had turned into farmers and poured in a large number of BTC into the DeFi space, the DeFi market boomed. However, the mid-way halt bought a sense of uncertainty with the DeFi space which led to selling off their holdings.
DEX exchanges like Uniswap also surpassed the popular centralized exchanges like Coinbase, Kraken, etc in terms of 24-hour volume. This points out the tendency of the crypto masses towards the DeFi space more than other digital assets.
In a nutshell, DeFi outperformed the popular crypto assets by surpassing them in terms of price. The constant fluctuations might which may result in massive gains (or losses) could be a major focus of the DeFi boom. However, they are expected to bounce back very soon with skyrocketing price.