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YFI plunged 43% in five hours, and its market value evaporated by more than US$300 million, which may cause concern in the community
2023-11-19 00:05
Odaily News After rising nearly 170% at the beginning of this month, YFI fell by more than 43% within 5 hours on November 18, which triggered community concerns about a possible exit scam. According to Coinmarketcap data, during the decline of YFI, its market value evaporated by more than US$300 million. Some Twitter users claimed that 50% of the token supply is held by 10 wallets controlled by developers. However, Etherscan data suggests that some of these holders may be cryptocurrency exchange wallets. Additionally, some Twitter users pointed out that short selling may have triggered the plunge. Coinglass data shows a significant increase in open short interest on YFI, indicating that traders began shorting the token following YFI’s rise in November. (Cointelegraph)