DeFi Tokens Swing with a large margin
DeFi space is looked upon as a good profit-making market with many investors turning into yield farmers. Recently, millions of BTC was also poured into DeFi space which suggested a big blow to the market in the coming days.
However, the current downturn of the popular DeFi tokens with a large margin might have created a sense of uncertainty. Tokens like YFI, YFII, LEND, COMP, MAKER, LINK, SNXetc have dipped with an average of 10-20 percent.
Additionally, the top cryptocurrencies like Bitcoin, Ethereum, XRP, etc too slipped below. In fact, Bitcoin plunged below $11,200 losing more than $800 within 24 hours. However, it managed to enter the correction phase within hours of the steep decline.
With the downtrend of major digital assets, is the DeFi bubble over? Probably ‘NO’
Also Read: How To Invest in DeFi? – Helpful Guide
DeFi is Just a Start-Good gain yet to come
The Defi and Crypto space had a nail-biting day with major digital assets swinging up and down. However, the crypto space still believes that the DeFi space would gain momentum very soon.
DeFi followers and adopters feel that more and more people are yet to enter the space and once they get connected DeFi will long last. In fact, the tokens oscillate more frequently than the popular cryptos like BTC or ETH.
In recent times, tokens like YFI, YFII, YFL, etc surged to such heights which produced profits, 10 times more than expected within 48 hours. On the other hand, traditional crypto assets fluctuate with a narrow range of only 0 – 5 percent.
Collectively, DeFi regardless of the recent dump would bounce back in coming days. With more and more adoption, the DeFi space is expected to grow bigger and stronger.
No doubt some tokens like a hotdog, sushi, pizza, pumped and dumped in a very short span of time, other tokens are considered as a good investment option.
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