DeFi apocalypse as UNI, Chainlink and YFI enter correction
Whereas most of the world’s media will be talking about a possible second coming of the great March selloff for stocks and Bitcoin due to an upsurge of coronavirus infections in Europe, it was the world of DeFi that has so far seen the largest pullback.
Coins like YFI, UNI and Chainlink have all been met with overwhelming sell orders. As their values are linked to the well being of Ether, whose platform they mostly use, the heavy drop in the past few days of Vitalik Buterin’s coin means more pain for them.
Have a listen to this podcast! https://t.co/iDeQffSzqs— mini Blue Kirby // YFI? (@minibluekirbyfi) September 20, 2020
Furthermore, the upsurge in volume does not predict happier times ahead soon.
Uniswap own UNI token had a great first few days after airdropping 400 UNI tokens to every user who had used the platform’s decentralized exchange before September 1st.
Had users sold their UNI at peak value of $8.80, they could have made a nice profit. By now, UNI has dropped back to $3,80.
The Link Marines had already been asking themselves Quo Vadis after a pullback from a top of $20 towards the $15 level at the end of August. By now, all hands must be on deck of their ship as the once favorite DeFi coin has slipped to a value of $8,82.
In CoinMarketCap’s top 100, Chainlink once occupied 5th place. It can only dream of that now as it has slipped back to place 8.