Yearn.finance (YFI) has gone parabolic as a massive short squeeze has taken place. The coin is up over 100% in the span of 36 hours, after falling as low as $7,500 on Thursday morning.
YFI currently trades for $16,200 on leading futures exchanges, though it peaked as high as $18,000 just minutes ago. YFI’s rally has allowed the cryptocurrency to reclaim its seat as one of the largest 50 cryptocurrencies by market capitalization.
Yearn.finance (YFI) Erupts Higher
While YFI is exploding higher, the coin is not yet overextended as per futures data. The funding rate of the YFI futures market on Binance currently is 0.01%, which is a baseline level. The funding rate is the fee that long positions pay short positions on a regular basis to keep the price of the future close to that of the spot market.
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YFI may be overextended from a technical, perspective. All of its momentum indicators are at all-time highs, suggesting the coin may be overbought in the near term.