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

by ChainChirp
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The native token of Curve Finance (CRV) shot up in worth on Sunday because the asset witnessed a spike in whale accumulation.

Curve is a decentralized finance (DeFi) platform that provides stablecoin buying and selling with a local token, CRV, that jumped from buying and selling round $0.475 earlier on Sunday to a excessive of almost $0.539 later within the day, a rise of greater than 13.4%.

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

Crypto tracker Lookonchain notes that one whale withdrew 19.56 million CRV value round $10.33 million from prime crypto change Binance over three days. The whale reportedly staked the entire withdrawn CRV on Convex Finance (CVX), a DeFi platform designed to permit Curve customers to spice up their rewards.

A separate whale additionally withdrew 5.78 million CRV value greater than $3 million from Binance on Sunday, in keeping with Lookonchain.

Moreover, the blockchain tracker notes that Curve founder Michael Egorov deposited a complete of 23.26 million CRV value $12.3 million into Silo (SILO), a non-custodial crypto lending protocol. Egorov additionally reportedly borrowed 3.75 million value of Curve’s stablecoin crvUSD, which goals to take care of a 1:1 peg with the US greenback.

The Curve founder then exchanged the three.75 million crvUSD for the highest stablecoin USDT, issued by Tether.

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