Yearn Finance surges 45% as it joins dog pack with WOOFY
Yearn Finance is up nearly 45% in 24 hours, and it appears to be thanks to the team’s new dog token offering a bi-directional peg to YFI. Despite Dogecoin retracing from its all-time highs above $0.70, dog tokens continue to attract astonishing levels of popularity, with DeFi “blue-chip” Yearn Finance emerging as arguably the most prominent team seeking to cash in on the canine meme coin craze with the launch of its WOOFY token.
But the YFI fans jumping in early may not have fully understood the coin’s utility which saw the price sail into the stratosphere.
Whisperings of the new project began to circulate on Twitter over the past 24 hours, with users associated with Yearn hinting at a new token called WUFFY. Rumors of an airdrop for users who posted a picture of themselves being licked a dog and tag Yearn developer “Banteg” saw a flood of face-lick photos uploaded to Twitter. As is quickly becoming the norm for new releases from the Yearn team, fans in the community raced to purchase the new token before fully understanding its utility.
Despite WOOFY’s sole function being to offer a means to redenominate YFI holdings — with the Woofy Finance interface offering bi-directional YFI to WOOFY conversions at a ratio of 1:1 million, over-exuberant buyers pushed the price of WOOFY so high as to imply YFI’s to be $1.5 million per token.
As of this writing, YFI is trading for roughly $88,200 after gaining 43% in 24 hours.
Community sentiment appears divided regarding WOOFY, with Twitter user “BrotherMuozone” concluding that looking like “an unsavory attempt to milk vale out of the new suckers in the market,” adding the experiment actually comprises “a brilliantly timed and themed ‘unit bias a/b test’” offering insights into whether traders prefer tokens with a larger circulating supply and lower fiat price versus a low supply and high token price.
Although whether traders choose to hodl WOOFY or YFI is arbitrary, with traders’ preference for one token over the other having no impact on Yearn’s overall market cap, the introduction of WOOFY may reduce the volatility of YFI’s price by creating arbitrage opportunities between the two tokens.
As of this writing, WOOFY last changed hands for $0.09, implying a roughly 3% premium over YFI. According to Dextools, nine of the top 10 most-viewed pairings on Uniswap V2 are dog tokens.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 59.6% | 92 | $20 358.95 | -1.33% | -0.55% | $388 446 303 368 |  |
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|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 55.2% | 90 | $1 152.46 | -1.93% | 4.48% | $139 837 109 318 |  |
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| 3 |  USDT |
Tether predictions | 94.4% | 1 | $0.998816 | -0.02% | -0.02% | $66 745 776 786 |  |
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| 4 |  USDC |
USD Coin predictions | 93.6% | 1 | $1.000328 | 0.02% | 0.03% | $55 820 927 466 |  |
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| 5 |  BNB |
Binance Coin predictions | 58.4% | 89 | $229.42 | -1.07% | 5.78% | $37 459 518 058 |  |
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| 6 |  BUSD |
Binance USD predictions | 91.6% | 1 | $0.999158 | -0.18% | 0.06% | $17 369 031 848 |  |
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| 7 |  XRP |
XRP predictions | 62% | 80 | $0.336907 | -1.76% | 4.22% | $16 287 125 919 |  |
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| 8 |  ADA |
Cardano predictions | 65.6% | 75 | $0.474957 | -1.02% | 1.44% | $16 117 202 321 |  |
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| 9 |  SOL |
Solana predictions | 68% | 66 | $35.68 | -4.55% | 1.04% | $12 230 152 580 |  |
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| 10 |  DOGE |
Dogecoin predictions | 61.6% | 80 | $0.067308 | -3.10% | 5.51% | $8 929 753 009 |  |
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| 11 |  DOT |
Polkadot predictions | 63.2% | 78 | $7.42 | -1.67% | -1.75% | $7 329 831 546 |  |
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| 12 |  DAI |
Dai predictions | 92% | 1 | $1.000154 | 0.06% | 0.05% | $6 718 496 522 |  |
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| 13 |  TRX |
TRON predictions | 55.6% | 91 | $0.066274 | 0.93% | 2.59% | $6 130 034 055 |  |
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| 14 |  SHIB |
SHIBA INU predictions | 63.2% | 74 | $0.000010 | -5.15% | 3.23% | $5 583 599 858 |  |
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| 15 |  LEO |
UNUS SED LEO predictions | 76.8% | 50 | $5.74 | -1.31% | -1.91% | $5 479 483 866 |  |
