- Curve Finance’s native token attracted interest from the whales
- Total locked in Curve log was more than Uniswap
curve financing [CRV] became a coveted commodity among big names as the market focus shifted to decentralized exchanges (DEXes) after the FTX debacle. After a WhaleStats tweet on January 17th, CRV became the most traded token among the top ether [ETH] Whales at press time, replacing the popular meme coin Shiba Inu [SHIB].
📰 JUST IN: $CRV @curvefinance flipped $SHIB for the most traded token among the top 500 #ETH whales
Check out the top 100 whales here: https://t.co/tgYTpOm5ws
(and hodl $BBW to see data for the top 500!)#CRV #SHIB #whalestats #babywhale #BBW pic.twitter.com/N1E2Elkpjv
— WhaleStats (tracking crypto whales) (@WhaleStats) January 17, 2023
Read those from Curve Finance [CRV] Price prediction 2023-24
Whales had collected $4,584 worth of CRV tokens in the last 24 hours, which is roughly a movement of 5,200 tokens.
Additionally a Twitter thread from Token Terminal pointed revealed that the total number of CRV token holders was growing steadily, reaching nearly 90,000, a 12% jump since the FTX contagion hit the market. This is an interesting development in the context of traders’ declining confidence in centralized exchanges (CEXes).
👥 Historical tokenholder count for @CurveFinance pic.twitter.com/ylRMAW84zi
— Token Terminal (@tokenterminal) January 16, 2023
It’s a smooth ‘curve’
CRV’s growing appeal was also reflected in its price action, which broke out of the $0.58-$0.5 range on Jan. 9 to start a bull run and rallied nearly 63%. It was chasing the important psychological level at $1.
Indicators confirmed the bullish narrative as the Relative Strength Index (RSI) surged high into overbought territory. On Balance Volume (OBV) also showed that buying pressure was high as capital flowed into the market.
Source: CRV/USD trade view
Curve Finance TVL shows promise
Among DEXs, Curve Finance outperformed Uniswap [UNI], the largest exchange by trading volume in terms of total locked value (TVL) in smart contracts. At the time of writing, Curve Finance’s TVL was valued at $4.2 billion, according to Token Terminal, up over 11% over the past week compared to a 6.84% growth rate Uniswap showed.
An increase in TVL implied that investors had confidence in the protocol and more money was flowing through its network.
Source: Token Terminal
Is your portfolio green? Check out the CRV Profit Calculator
Additionally, the trading volume hit its monthly peak of nearly $134 million. However, this figure was significantly lower than that of Uniswap and SushiSwap.
Source: Token Terminal
Unlike other automatic market makers (AMM), CRV’s liquidity pools are primarily made up of similarly behaving assets such as stablecoinsto escape the volatility that comes with other crypto assets. Hence the growth of the stablecoin ecosystem, like the soon-to-be-launched Cardano Grandpacould fuel CRV’s future growth.
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