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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Curve (CRV) Bounces 40% From All-Time Low As Whales Go On Shopping Spree

Rubmar Garcia
Rubmar Garcia
11 months ago
3 mins read

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Curve Finance’s native token, CRV, saw a dramatic 30% price drop a week ago. The crash, which included the massive liquidation of Curve Finance CEO’s lending positions, left many investors concerned. Whales took advantage of Curve’s struggle and loaded their bags with millions of tokens.

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11 months ago

Whales Go Shopping After CRV Dip

On June 13, CRV price saw a massive drop and a high liquidation risk that alarmed the crypto community. As a result, Curve Finance’s native token reached a negative milestone after dropping nearly 40%. The token went from hovering between the $0.35-$0.37 price range to its new all-time low (ATL) of $0.20.

Since then, Curve Finance’s team has worked to solve the issues and stabilize the token’s price. Over the weekend, the token started its recovery, reclaiming the $0.30 support level.

However, CRV’s price fell below the support zone as the new week started, retracing to the $0.27-$0.29 levels. Curve continued its upward trajectory on Tuesday afternoon, printing nine hourly green candles.

Nearly a week later, the token has bounced over 40% from the drop. After momentarily rising above the $0.355 mark today, CRV is currently trading around the $0.33 range.

Despite investors’ concerns, whales took the opportunity to snatch CRV at a discounted price. On-chain analytics firm Spot On Chain revealed that six whales accumulated over 50 million CRV during the dip.

Crv
Whales go on a buying spree after the dip. Source: Spotonchain on X

Per the report, the whales bought 55.26 million Curve tokens, worth around $19.4 million. 5 of the 6 wallets are first-time accumulators, which made the first-time purchases of the token surge this week.

Since the price recovery, the whales have made around 8%, or $1.43 million, in unrealized profit. The biggest gainer bought 4.34 million tokens at an average price of $0.288, representing a 21.84% ROI.

Crypto Analysts Predict Rise To $2

Various market watchers have forecasted a bullish future for CRV’s price. As the price started to retest the $0.3 price range, crypto trader Follis suggested that Curve Finance’s token would perform remarkably.

The trader says the token will ” be one of the first alts to pull a 2x off the lows.” He highlighted that the token’s “-40% nuke” was linked to Michael Egorov’s liquidation event. Additionally, he pointed out that in 5 days, the token had recovered nearly 50% of its price.

Crypto analyst CrediBull stated that Curve Finance’s token has “already printed a clear 5 wave impulse.” To the analyst, this suggests that CRV is “structurally more bullish” than tokens like CVX. CrediBull forecasted a $2 target for the token based on this performance.

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11 months ago

Another trader shared a similar opinion, stating that CRV is “looking good for some relief.” To Sanchez, the liquidation dip looked like the last leg down in a five-wave pattern. He believes the recent daily performance “should be good for a decent bounce.”

CRV
CRV is trading at $0.337 in the weekly chart. Source: CRVUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

Read more

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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