Journalist
Posted:
- 3.18 million Curve tokens were moved through a new wallet from the Binance exchange.
- CRV rose by more than 10% for the first time in more than seven months.
Curve Finance [CRV] recently experienced a substantial token movement as millions of CRV tokens were transferred from a certain wallet. What was the nature of this transfer and what implications could it have for CRV’s price development?
Read that from Curve Finance [CRV] Price forecast 2023-24
Curve Finance is experiencing a massive currency pullback
In a recent post by Look at chainit was noticed that a new wallet created over 24 hours ago initiated a transfer of 3.18 million Curve Finance tokens from Binance [BNB]. At the time of writing, these tokens were valued at over $1.4 million.
In addition, data from The couch revealed that the tokens were not simply withdrawn, but instead transferred to another decentralized finance (DeFi) platform called Convex.
The significance of this move to Convex suggested that the wallet was likely trying to take advantage of the improved rewards offered by the platform. Furthermore, it eliminated the possibility of an immediate sell-off of the tokens.
CRV sees record peak
On September 22, Curve Finance experienced a notable price increase when viewing the daily timeframe chart. The chart showed a notable price increase of over 10%, pushing CRV’s value above $0.49.
This increase of more than 10% represented the most significant price increase observed at CRV in the past seven months.
Source: TradingView
However, at the time of writing, the price had returned just over 2.5% and was trading at around $0.47. Nevertheless, CRV still showed a strong bullish trend, as shown by the Relative Strength Index (RSI).
In addition, data from CoinMarketCap revealed a notable increase in trading volume over the past 24 hours. Volume was up over 90% in the past day as of this writing.
How much are 1,10,100 CRVs worth today?
The TVL trend remains the same despite the price increase
Following the security breach in July, Curve Finance experienced a substantial drop in Total Value Locked (TVL). Unfortunately, the TVL has not yet managed to recover to pre-hack levels at the time of writing.
Furthermore, despite the recent increase in trading volume and price, there has been no significant impact on the overall trend, with normal fluctuations still noticeable. At the time of writing, the TVL was estimated at more than 2.1 billion per DefiLlama.