Santiment, the blockchain analytics platform, revealed in an X post earlier today that the market cap for yearn.finance (YFI) has surged following a substantial increase in whale activity. According to the post, YFI’s market cap has risen more than 60% in the past week. This growth was powered by increased whale activity, which reached 15-month high levels.
🥳 #YearnFinance’s market cap has grown +60% in the past week, powered by increasing address growth and whale transactions. Whales are engaging at 15-month high levels once again, and new $YFI address growth has been exponentially increasing. https://t.co/IMNb1FP7al pic.twitter.com/YzDwbhxRF3
— Santiment (@santimentfeed) November 13, 2023
The analytics platform also revealed that the cryptocurrency recorded its highest number of transactions valued at $100K+ in a single day since July 29, 2022. Furthermore, the number of unique YFI wallets interacting on the network and the number of new addresses have reached their largest amount since this summerr, added Santiment.
YFI’s positive streak continued over the past 24 hours as well. At press time, the altcoin was up 12.35%, according to CoinMarketCap. Subsequently, the cryptocurrency’s price was elevated to $10,694.63. Traders were also very active, as the total trading volume for YFI increased by more than 93%. This pushed the total volume up to $256,536,044.
The latest increase in price propelled YFI’s weekly performance to 74.80% as well. Meanwhile, its market cap stood at $356,915,093 as a result of the strong price movement. This ranked YFI as the 113th biggest project in terms of market cap.
Ranked above YFI in this regard was Dash (DASH) with its estimated valuation of more than $372 million. Below YFI was Basic Attention Token (BAT), with its total market cap standing at just over $10 million less than that of YFI.
YFI was also the tenth biggest 24-hour gainer in CoinMarket’s top 500 list. This placed it one position above the popular meme coin FLOKI with its daily gain of 12.35%. Bitget Token (BGB) was able to outperform YFI in terms of 24-hour gains, with its price rising 13.44% during this period. This placed BGB at the number 9 spot among the biggest gainers throughout the past day.
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