YFI Surges To $35000 After Coinbase Enlisting

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YFI (Courtesy: Twitter)
YFI (Courtesy: Twitter)

YFI took the crypto world by storm last month when it did the unthinkable and surged higher than Bitcoin’s price at the time.

Since its launch in mid-August, the DeFi token pumped monumentally to top out at around $39,000. It is a prime example of demand through scarcity as the big draw for this asset is the fact that there are only 30,000 in existence.

Since that giddy height, YFI retreated back to around $18,500 on September 5th. The news that Coinbase Pro will be listing the token has given it a new lease of life and the bulls are running again.

In a move remnant of the crypto exchange induced altcoin pumps back in 2017, YFI has surged over 63% since late trading on Wednesday. From a low of around $22,000, the DeFi token skyrocketed to top out at $35,000 on Binance.

Over the past few hours, it has pulled back slightly to trade at $32,700 at the time of writing which is still a gain of almost 20% in less than 24 hours.

Coinbase announced that it would open the doors of its Pro platform for YFI deposits on Monday, September 14, and allow trading to commence the following day providing there is enough liquidity.