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Home»Analysis»Curve Price Spikes As Whales Suddenly Accumulate CRV: On-Chain Data
Analysis

Curve Price Spikes As Whales Suddenly Accumulate CRV: On-Chain Data

2023-09-26No Comments2 Mins Read
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The native token of Curve Finance (CRV) shot up in value on Sunday as the asset witnessed a spike in whale accumulation.

Curve is a decentralized finance (DeFi) platform that offers stablecoin trading with a native token, CRV, that jumped from trading around $0.475 earlier on Sunday to a high of nearly $0.539 later in the day, an increase of more than 13.4%.

The 79th-ranked crypto asset by market cap has since partially retraced and is trading around $0.517 at time of writing.

Crypto tracker Lookonchain notes that one whale withdrew 19.56 million CRV worth around $10.33 million from top crypto exchange Binance over three days. The whale reportedly staked all of the withdrawn CRV on Convex Finance (CVX), a DeFi platform designed to allow Curve users to boost their rewards.

A separate whale also withdrew 5.78 million CRV worth more than $3 million from Binance on Sunday, according to Lookonchain.

Additionally, the blockchain tracker notes 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 reportedly borrowed 3.75 million worth of Curve’s stablecoin crvUSD, which aims to maintain a 1:1 peg with the US dollar.

The Curve founder then exchanged the 3.75 million crvUSD for the top stablecoin USDT, issued by Tether.

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See also  Ethereum Price Resumes Downtrend As Bears Aim $1,500
Accumulate CRV Curve Data OnChain Price spikes Suddenly Whales
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bitcoin
Bitcoin (BTC) $ 108,804.15
ethereum
Ethereum (ETH) $ 2,623.93
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.33
bnb
BNB (BNB) $ 662.86
solana
Solana (SOL) $ 152.97
usd-coin
USDC (USDC) $ 1.00
tron
TRON (TRX) $ 0.286885
dogecoin
Dogecoin (DOGE) $ 0.171949
staked-ether
Lido Staked Ether (STETH) $ 2,623.81