As reported the dumping of dog coins really stole the spotlight, starting with Dogecoin (DOGE) then Shiba Inu (SHIB).
Dextools revealed, as many as 9 of the top 10 currency pairs that are the craze on Uniswap are dog tokens.
This craze also seems to have caught the attention of Yearn Finance (YFI) when it was rumored with the launch of the WOOFY token.
It started with the Yearn community hinting at WUFFY tokens via tweets along with pictures of them being licked by dogs and Yearn developer tag ‘Banteg’.
At the same time, investors are racing to buy the token despite not knowing the actual function and objective it was created for.
For information, WOOFY offers a restructuring of YFI holdings, while Woofy Finance offers a two -way conversion for YFI to WOOFY at a ratio of 1: 1 million.
The excitement of getting WOOFY increased causing the price to also increase, bringing the price of YFI to $ 1.5 million per unit.
At the time of writing, YFI is trading at $ 88,206, up over 52% in 24 hours.
Neither WOOFY nor YFI, an investor’s choice of one of the tokens will not impact Yearn’s overall market value.
In fact, the introduction of WOOFY has the potential to reduce YFI price volatility by creating WOOFY and YFI purchases simultaneously.
