YFI Token Rides On the Coinbase Effect As It Surges 10%

In what has become well-known as the Coinbase effect, the price of YFI, the governance token of yFinance, surged by approximately 10% in the last 24 hours following the news that it will soon be listed on Coinbase Pro.

The Coinbase effect, simply put, is the positive impact which the news of listing a token by Coinbase Pro has on the price of that token. Historically, the Coinbase effect has always had significant impact on the price of concerned digital assets. And we saw that happening again with the listing announcement of YFI.

The price of DeFi-related tokens had taken a significant dip the previous week following the exit scam masterminded by Chef Nomi, the founder of Sushiswap, and partly from the sharp decline in the price of Bitcoin. However, the Coinbase effect was able to increase the price of YFI by $6,000, making it nearly equal to 3 Bitcoin. Precisely, the move saw the price of YFI make a surge from roughly $29,000 to $35,000.

Since its creation a few months ago, yFinance's YFI token has taken the cryptosphere by storm, incredibly moving from zero to equal almost three Bitcoin. YFI has a maximum supply of 30,000 tokens and presently trades for $32,052 according to Coingecko.com.