YFII's Price Prediction: YFII pumps, Top Crypto Gainer on Binance

YFII's price is something that many investors have been tracking lately. After its latest pump, where is the coin now headed? Read on to know 

YFII, which is a fork of Yearn Finance (YFI), shocked the entire crypto market when it boosted past tons of cryptocurrencies to gain more than 30% within 24 hours. What makes this even more astonishing is the fact that YFII’s price gained over 30% during a period when Bitcoin lost almost a tenth of its value. Moreover, in the last 30-day period, it has seen a massive 71% rise in its value.

While YFII started as a fork or a side project from the initial YFI, it certainly has been able to add to its value. So much so, that it has been given a ‘Very Bullish’ and a ‘low risk’ assessment by one of the leading crypto industry observers. Those two components, definitely are the ones that can make or break any cryptocurrency, and YFII is no exception.

Here’s what we know about YFII’s rise in value in the last week.

The rise in YFII’s value comes amidst an otherwise gloomy day in the crypto markets.

As of writing, the DFI.Money is trading at around $1,800, down from its 24h high of $1,953. The cryptocurrency has a current market cap of $70 million, and a circulating supply of 38,596 YFII.

In its one-day time-frame, DFI.Money is currently trending very bullish with the 50 MA currently sloping up but below the current DFI.Money price, which might act as a support. Moreover, DFI.Money’s 200 daily moving average is sloping down, which directs to a downward trend.

As of now, the relative strength index (RSI) is above the 30-70 neutral zone, which indicates the price is trending overbought, with the price being able to keep RSI in that state for a long while.

What is YFII?: All You Need To Know

DFI.Money exists as a hard fork from the Yearn.Finance (YFI) protocol. The primary idea lies behind DFI.Money is to optimize and further streamline yield farming.

Yield farming refers to the practice of staking and/or lending crypto assets for generating higher returns and rewards in cryptocurrencies. Just like parking money, this means parking additional crypto funds available in different marketplaces to generate additional returns, over the rising valuation of the cryptocurrencies.

However, when it comes to yield farming, many suffer as they aren’t able to move their cryptocurrencies from one platform to another at the right time. This is where DeFi.Money comes in. It automates the process of moving cryptocurrencies from one platform to another and finds the best marketplaces with the best yields across various DeFi platforms.

YFII came into the picture in 2020. It came into origin due to a proposal for YFI, to protect it against crypto whales, influencing the prices of the token. However, since the proposal wasn’t passed, there was a move made by some of the proposal’s supporters who initiated a hard fork, creating a new protocol called DFI.Money, with its native token called YFII.

YFII operates on the Ethereum blockchain. While there’s no clear founder of DFI.Money, it certainly has been adding a lot to its values due to its fundamentals.

Source : insidebitcoins.com/news/yfii-price-prediction-why-is-yfii-going-up-biggest-crypto-gainer-on-binance by Patrick Jennings - November 15, 2022