YFI plunged 43% in five hours, and its market value evaporated by more than US$300 million, which may cause concern in the community
After rising nearly 170% earlier this month, YFI fell more than 43% within 5 hours on November 18, causing concerns in the community about the possibility of an exit scam. According to Coinmarketcap data, during the YFI downturn, its market value evaporated more than $300 million. Some Twitter users claimed that 50% of the token supply is held by 10 wallets controlled by developers. However, Etherscan data shows that some of the holders may be cryptocurrency exchange wallets. In addition, some Twitter users pointed out that short selling may have triggered the crash. Coinglass data shows that open short positions in YFI have increased significantly, indicating that traders began to short the token after the YFI surge in November. (Cointelegraph)
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