Crypto analyst and trader Josh Rager says he’s holding onto one altcoin until it surges to $100,000.
Rager tells his 80,000 followers on Twitter that he believes YFI has a ton of room to grow, if he can resist the urge to take profits.
“Bought three YFI around $2,500. Sold two way too early… Could be close to $50,000 combined value right now. But kept one and not selling until over $100,000. Current high so far over $16,100.”
Rager points out that YFI has already surpassed Bitcoin (BTC) in terms of price and it did so in a relatively short period of time.
“I guess 1 YFI does equal 1 BTC… Imagine buying Bitcoin a month ago at $2,000 and it shooting up to its current $12,000 value. Everyone would die for that opportunity. Well YFI just did that.”
YFI is the governance token of decentralized finance (DeFi) protocol yearn.finance.
It is dubbed as an “automated yield aggregator” as the platform scours all other DeFi protocols, locks in the one that offers the best yields, and deposits the funds in that specific protocol. The process allows users to farm protocols that generate the highest yields.
While YFI offers an attractive use case, there’s always a risk of massive devaluation. Yield farming platform YAM witnessed its market cap soar to nearly $60 million on August 13th only to collapse to $0 in a matter of hours, according to CoinGecko.
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Featured Image: Shutterstock/Tithi Luadthong
