Journalist
Posted:
- More than 600,000 CRV tokens have recently been transferred to an exchange.
- CRV briefly fell below $0.4, but was trading slightly above that at the time of writing.
After a hacking incident a few months ago, Curve Finance [CRV] seemed to have achieved stability. Nevertheless, the price has yet to return to pre-hack levels.
Read the one from Curve Finance [CRV] Price forecast 2023-24
Recently, a specific CRV transaction has attracted attention, raising questions about the responses of other key metrics.
CRV moves to Binance
According to a recent report from Lookonchain, Curve Finance has experienced a significant transfer of its tokens to Binance [BNB] stock exchange. This transfer occurred at a time when CRV’s price had fallen below the $0.4 price range.
The price of $CRV has fallen below $0.4, and investors were buying $CRV by Michael Egorov for $0.4 are currently at a loss.
Investor”0xb0b8″ who spent 1 million $USDT to buy 2.5 million $CRV deposited 609,057 $CRV ($240K). #Binance an hour ago.https://t.co/cfcSvCPil9 pic.twitter.com/3XjdtSkHuY
— Lookonchain (@lookonchain) September 13, 2023
Notably, this price level was the level at which Michael Egorov had sold his assets after a previous hacking incident.
The CRV investor, who had invested 1 million USDT to acquire more than 2 million CRV tokens, decided to move more than 600,000 CRV tokens to the Binance exchange. At the time of writing, these CRV tokens were valued at approximately $240,000.
It is important to remember that Curve co-founder Egorov had in the past sold some of his CRV tokens to ease a debt position that posed a significant risk to the platform and the DeFi ecosystem. These sales were conducted over the counter to avoid impacting the price of the token.
However, this recent transfer has attracted the interest of many observers, raising questions about its implications.
Curve Flow Analysis
According to the inflow and outflow graph on Santiment, there has been no significant activity in terms of Curve’s flow. However, at the time of writing, the inflow and outflow were the same, with 11,000 units each.
This equilibrium suggested relative stability in the movement of CRV tokens on exchanges.
Source: Santiment
What stands out from this flow data is that there are no clear signs of a sell-off by individuals who previously purchased CRV tokens over-the-counter (OTC).
The fact that the outflow and inflow numbers matched indicated that the tokens are moving within the ecosystem rather than being significantly transferred to exchanges.
CRV price movement
Curve’s daily timeframe chart illustrated that the token has struggled to regain its former value after the hacking incident. At the time of writing, the stock was trading at around $0.4, which represents a loss of less than 1%.
How much are 1,10,100 CRVs worth today?
Notably, it saw a modest increase in value during the previous trading session, with a gain of more than 3%.
Source: TradingView
Additionally, the Relative Strength Index (RSI) on the chart indicated that the Curve has remained in bearish territory since the decline. At the time of writing, the RSI line was approaching the oversold zone.