IS YFII GOING TO BE THE NEXT LUNA?

A few hours ago, precisely at 12:00 pm UTC +8, the price of YFII massively down to $320. YFII's actual price is trading around $1000. There are so many people on Twitter assuming that YFII was under attack or being hacked or rug pulled. But which one is the correct reason behind this massive sell-off? Well, let’s break it down step by step.

On 20th May 2022, Binance made an announcement of delisting YFII margin trading at the same time as YFI. Furthermore, before the dump happened (on the same day), Binance delisted YFII from future trading too, however, there is no further information or warning from Binance itself on why they delisted YFII.

YFII then dumped to $320 with huge selling pressure. But fortunately, the price managed to reclaim back to $700. Then what is the reason behind the dump? Is it true that the developer team dumped the coin itself ? or did some big whale dump the coin and made people panic? at 05:42 pm UTC + 8 today, One of the YFII core developer, Gao Master or Gao Jin, made an announcement on YFII Wechat Group saying that “No new YFII has been minted and YFII has not been attacked. YFII was not attacked, nor did it increase in quantity nor was it used for salary”. So, who made all this mess?

An address that contains hundreds of YFII was found buying YFII from Binance and then sold it on FTX. This address did this pattern twice at the same time when the massive dump happened. In the first transaction, they bought 821 YFII on Binance and then sold it to FTX. Then 3 hours later, they bought another 331 YFII on Binance and sold it to FTX. A total of 1.152 YFII has been sold, which caused the price to fall from $1219 to $320. In my opinion, this massive sell-off seems to have been planned by a group of people or a single player.

Final question, what was the reason for the massive sell-off? Did they know something about YFII ? or it’s just a personal reason? Whatever the reason is, I think everybody should really careful on choosing the coin that they want to buy. Because in crypto, anything is possible.

{The address of the seller is 0x83a127952d266a6ea306c40ac62a4a70668fe3bd, you can check the transaction on etherscan.io for a fact check}

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Rosie Posie

Rosie Posie

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Writer | Researcher | Journalist | Crypto Enthusiasts | — Follow and subscribe to me for more updates about Cryptocurrency Market. #Crypto