Harvest Finance crypto (FARM) faced a major attack from hackers last year. In October, the Decentralized Finance (DeFi) protocol was drained of $34 million. The hackers got their hands on a huge amount of the stablecoins USDT and USDC from the Harvest Finance pool.
Investors didn’t take the news lightly. In return, Harvest Finance crypto fell 60% as holders dropped their stakes in the token. That resulted in a whopping $400 million in liquidity being depleted from the Harvest Finance as liquidity providers fled the platform.
Naturally, this was a major blow to the token. After hitting a peak value around $320 per token, as news spread, FARM fell below $100 per token. And things stayed that way for months.
But Harvest Finance crypto was able to ride the upswing at the beginning of 2021. As the crypto markets swelled, FARM values rose significantly. But just as the momentum gave, it also took away. And Harvest Finance was back to trading well below $100 mere days ago. Then came the big news that Harvest Finance crypto would be uplisted to the consumer-friendly crypto exchange Coinbase. And that proved to be a major catalyst for the Ethereum-based token that powers Harvest Finance’s efforts as a yield optimizer.
At last check, Harvest Finance crypto was up more than 120% after being listed on Coinbase. This is a major vote of confidence. And serves as proof that investors are willing to look past last year’s issues.
What’s In Store for Harvest Finance Crypto
Coinbase has been on a bit of a listing spree of late. This week alone, the exchange added four new tokens. It added the stablecoin Paxos Standard and the Polymath crypto earlier this week. Then it added Fetch.ai as well. While a small rise in value is natural after being added to Coinbase, none of them came anywhere near the Harvest Finance crypto rise in value after being added.
In fact, it’s extremely rare for any crypto to shoot up more than 100% in value from an uplisting alone. This suggests the rapid rise in value might not be an anomaly. It’s more likely confirmation that its efforts are worthwhile. And we should see a further increase in value in the coming months.
However, Harvest Finance crypto is far from bulletproof. It’s shown to ebb and flow mostly in line with the greater crypto markets. So crypto bulls take note. If you’re optimistic about crypto’s short-term future, FARM could make a good bet. But if you see a crypto winter on the horizon, you might want to wait until the markets thaw.
The big question though is whether Harvest Finance has secured its digital borders to be protected from further hacks. Because Harvest Finance is well aware of how the attack was successful, it’s extremely unlikely a similar engineering error will be made. For anyone interested in the specific details, you can check them out here.
So there remains a lot to like about Harvest Finance crypto… Even after its meteoric rise in value.
Why Harvest Should Continue to Rise
When any asset more than doubles in value in such a short period of time, there’s likely to be a pull back. Cooler heads not dealing with FOMO will prevail. But overall, Harvest Finance crypto remains a solid coin.
It powers Harvest Finance’s webportal that lets users invest cryptocurrencies and then farm price variations… Resulting in profits. Essentially, Harvest Finance moves funds around the DeFi ecosystem in an attempt to generate higher yields. And its crypto, FARM, can be used for the purpose of staking and yield farming on the Harvest Finance webportal. It’s a cool token with a clear purpose and a worthwhile endeavor. So as long as cryptocurrencies as a whole stay relevant, so too should the Harvest Finance crypto.
The Bottom Line on Harvest Finance
Putting your money to work is the whole point of investing. And that’s exactly what the Harvest Finance crypto venture was created to do. So it’s really no wonder investors took a shine to the token after its listing on Coinbase.
There’s good reason to think that this token still has some legs in its bullish run. Despite the recent run-up, it’s still trading far below its year-to-date highs. That should bring some comfort to the FOMO investors starting to pile in now.
If speculation and FOMO aren’t your thing though, we suggest signing up for the Manward Financial Digest e-letter. In it, crypto expert Andy Snyder helps guide rookies and veterans of the crypto markets towards investments with a purpose. If you’re interested in signing up for his free e-letter, simply enter your email in the box below to get started.
About Matthew Makowski
Matthew Makowski is a senior research analyst and writer at DailyBusiness. He has been studying and writing about the markets for 20 years. Equally comfortable identifying value stocks as he is discounts in the crypto markets, Matthew began mining Bitcoin in 2011 and has since honed his focus on the cryptocurrency markets as a whole. He is a graduate of Rutgers University and lives in Colorado with his dog, Dorito.