The Surge in Curve Token (CRV) Price Due to Whale Accumulation
The value of Curve Finance’s native token, CRV, experienced a significant increase as whales started accumulating the asset. Curve is a decentralized finance (DeFi) platform that facilitates stablecoin trading using its native token, CRV. On Sunday, CRV surged from around $0.475 to a high of nearly $0.539, representing a 13.4% jump.
Although the token has retraced partially, it is currently trading at around $0.517. According to crypto tracker Lookonchain, one whale withdrew approximately 19.56 million CRV worth around $10.33 million from Binance over three days. The withdrawn CRV was staked on Convex Finance (CVX), a DeFi platform designed to enhance Curve users’ rewards.
In another instance, Lookonchain reported that another whale withdrew more than 5.78 million CRV valued at over $3 million from Binance on Sunday.
Furthermore, Lookonchain also revealed that Curve founder Michael Egorov deposited a total of 23.26 million CRV worth $12.3 million into Silo (SILO), a non-custodial crypto lending protocol. Egorov also borrowed 3.75 million crvUSD, Curve’s stablecoin pegged to the US dollar, and exchanged it for USDT.
Hot Take: Whale Accumulation Boosts Curve Token Price
The sudden accumulation of Curve Finance’s native token by whales has led to a surge in its price. This increase in demand can be attributed to one whale withdrawing a substantial amount of CRV and staking it on Convex Finance for enhanced rewards. Additionally, the deposit and borrowing activities by Curve founder Michael Egorov have also contributed to the token’s price surge. These on-chain data insights highlight the significance of whale activity in driving the value of cryptocurrencies and showcase the potential impact of influential figures in the crypto space.
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