After the information that the creator of YFI had invested in a new coin, investors immediately started buying it. This demand caused a tenfold increase in the value of the asset, after which the price returned to its previous level.
The coin of the Cornichon DeFi-project has risen in price from $0.086 to $0.93 after the information about the investment in CORN by Andre Cronje. Andre is the creator of the most famous DeFi-unicorn, yEarn Finance. DeFi token YFI gained immense popularity when its price increased by 130,000% in 2 months – from $32 to $44,000.
Andre Cronje bought CORN for $20,000 at $0.126 per coin on the Uniswap decentralized exchange. Such a large (by the standards of a DeFi startup) purchase amount immediately doubled the value of the coin. Following, traders who followed Cronjer’s operations using the Etherscan service began to buy the coin, which caused the price to rise to $0.93. The CORN rise took only a few minutes, and then the coin dropped to $0.12.
Earlier, in October 2020, Andre issued the KP3R token, which has risen in price by more than 5000% within a few hours. This and some other precedents involving creator yEarn Finance have led many crypto enthusiasts to keep a close eye on Cronier’s wallet to replicate the entrepreneur’s investment.