Curve Finance’s native token (CRV) shot up in value on Sunday as the asset witnessed a spike in whale accumulation.
Curve is a decentralized finance (DeFi) platform that offers stablecoin trading with a native token, CRV, which jumped from trading around $0.475 earlier on Sunday to a high of nearly $0.539 later in the day, up more than 13.4 %.
The 79th-ranked crypto asset by market cap has since partially recovered and is trading around $0.517 at the time of writing.
Crypto tracker Lookonchain notes that one whale raised 19.56 million CRV worth about $10.33 million from the main crypto exchange Binance in three days. The whale reportedly staked all the withdrawn CRV on Convex Finance (CVX), a DeFi platform designed to allow Curve users to increase their rewards.
Also a special whale withdrew According to Lookonchain, 5.78 million CRVs worth more than $3 million were raised from Binance on Sunday.
In addition, the blockchain tracker notes that Curve founder Michael Egorov has deposited a total of 23.26 million CRV worth $12.3 million into Silo (SILO), a non-custodial crypto lending protocol. Egorov has also reportedly lent 3.75 million worth of Curve’s stablecoin crvUSD, which aims to maintain a 1:1 peg to the US dollar.
The Curve founder then exchanged the 3.75 million crvUSD for the top stablecoin USDT, issued by Tether.
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Generated image: Midjourney