YFI rises to $50K for the first time since February
Yearn Finance’s governance token YFI is trading above $50,000 for the first time in two months, driven by a planned buyback and an increase in the total value locked in the protocol.
YFI token is up by 16% in the past 24 hours and according to CoinMarketCap data, it has reached a new all-time high of $52,054 today on 15 April. Price has risen by almost 70% from $29,000 in the past three weeks.
The CEO of blockchain data company Nansen, Alex Svanevik stated that yearn finance's buyback plan and the explosive growth of the total value locked into the protocol are powering YFI higher.
"Yearn treasury will be conducting a Gnosis auction to purchase additional YF as part of our Buy Back and Build (BABY) YIP. We have earmarked 300,000 USDC for this auction to purchase YFI under $45,000," the protocol tweeted on Wednesday.