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, despite Dogecoin retracing from its all-time highs above $0.70
The coin’s utility which saw the price sail into the stratosphere, may not be understood fully by the YFI fans that are jumping in early.
However, with users associated with Yearn hinting at a new token called WUFFY, whisperings of the new project began to circulate on Twitter over the past 24 hours.
Also, pictures of some persons that was posted showing how they are being licked by dog and tag yearn developer ‘Banteg’ and which most people see as rumour saw a flood of face-lick photos being uploaded on 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