Yearn Finance Launched Meme Coin Woofy, YFI Price Surged

by in Cryptocurrency News

Yearn Finance Woofy

DeFi aggregator focused on yield farming, Yearn Finance launched a meme coin Woofy on May 11. Afterwards, the price of the protocol's native token YFI raised more than 43% setting a new all-time high of $90.786.

Related: Shiba Inu and Litecoin Reach New All-Time Highs's developer with the nickname "banteg" posted about the token on his Twitter account. Introducing it, banteg wrote that the new token depicting a blue dog is YFI's (WIFEY's) companion. Utilizing special technology, Woofy allows conversion between the two.

The token is fully backed by YFI with 1 YFI equal to 1,000,000 WOOFY.

Meme coins are becoming more and more popular.

Dogecoin's success apparently inspired many. Currently, DOGE is the fourth-largest cryptocurrency by market cap, which stands at around $64.1 billion. The coin trades at around $0.49 at the moment.

Another meme coin that has had great progress lately is Shiba Inu (SHIB). Its price has seen over 1500% growth over the previous 7 days. On May 10 it reached an absolute high of $0,00003791.