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.
Yearn.finance'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.
Introducing Woofy— banteg (@bantg) May 11, 2021
The blue dog companion token of Wifey utilizes special Woof technology which allows two-way conversion between the two. That means you can be exposed to a lighthearted dog coin and the DeFi darling blue chip at the same time.https://t.co/cTpzfQvo2c pic.twitter.com/rkm4R2AsWo
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.