Specifically, Yearn Finance is reportedly establishing itself to be among the most prominent entities to cash in on the canine meme coin hype.
Rumors regarding Yearn’s initiative to roll out a new token dubbed WUFFY have reportedly been going around Twitter yesterday. Whispers of an airdrop for users who posted a picture of themselves being licked a dog and tag Yearn developer “Banteg” resulted in a wave of the same type of photo uploaded on Twitter, consequently led to a surge in the purchase number for the new token.
Despite WOOFY’s feature is reportedly to operate as a method of redenomination for YFI holdings – where the Woofy Finance interface providing bi-directional YFI to WOOFY conversions with the ratio of 1:1 million, overly brash users contributed to the skyrocketed price of WOOFY, up to the point of implying YFI’s to be $1.5 million every token.
The community is reportedly having contradictory reactions with one another to the development of WOOFY, with Twitter user “BrotherMuozone” referring to it as “an unsavory attempt to milk value out of the new suckers in the market”.
He additionally claimed that the experiment comes with “a brilliantly timed and themed ‘unit bias a/b test’”, equipping users with detailed information of whether traders lean more towards a bigger circulating supply, or reduced fiat price compared to a low supply and high token price.
Although traders prefer WOOFY or YFI based on their whimsical intention, traders’ selection for one token over the other causes no effect on Yearn’s total market cap.