- Over 600,000 CRV tokens were recently transferred to an exchange.
- CRV declined briefly below $0.4, but was trading slightly above it at press time.
Following a hacking incident several months ago, Curve Finance [CRV] appeared to have achieved stability. Nevertheless, its price has yet to return to its pre-hack levels.
Read Curve Finance’s [CRV] Price Prediction 2023-24
Recently, a specific CRV transaction has attracted attention, sparking inquiries about the reactions of other essential metrics.
CRV moves to Binance
According to a recent report from Lookonchain, Curve Finance experienced a significant transfer of its tokens to the Binance [BNB] exchange. This transfer occurred at a time when the price of CRV had dipped below the $0.4 price range.
The price of $CRV has dropped below $0.4, and investors who bought $CRV from Michael Egorov at $0.4 are currently at a loss.
Investor"0xb0b8" who spent 1M $USDT to buy 2.5M $CRV deposited 609,057 $CRV ($240K) to #Binance an hour ago.https://t.co/cfcSvCPil9 pic.twitter.com/3XjdtSkHuY
— Lookonchain (@lookonchain) September 13, 2023
Notably, this price level was where Michael Egorov had sold his holdings following a prior hacking incident.
The CRV investor, who had invested 1 million USDT to acquire over 2 million CRV tokens, decided to move more than 600,000 CRV tokens to the Binance exchange. As of this writing, these CRV tokens were valued at approximately $240,000.
It’s important to recall that Curve’s co-founder, Egorov, had sold some of his CRV tokens in the past to mitigate a debt position that posed a significant risk to the platform and the DeFi ecosystem. Those sales were conducted over the counter to avoid impacting the token’s price.
However, this recent transfer has piqued the interest of many observers, raising questions about its implications.
Analyzing Curve’s flow
As per the exchange inflow and outflow chart on Santiment, there hasn’t been any noteworthy activity in terms of Curve’s flow. However, as of this writing, the inflow and outflow were equal, standing at 11,000 units each.
This balance suggested relative stability in the movement of CRV tokens on exchanges.
Source: Santiment
What’s noteworthy from this flow data is that there are no clear signs of a sell-off by individuals who previously acquired 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 offloaded onto exchanges.
CRV price movement
The daily timeframe chart of Curve illustrated that the token has struggled to regain its former value following the hacking incident. As of this writing, it was trading at approximately $0.4, representing a loss of less than 1%.
How much are 1,10,100 CRVs worth today?
Notably, in the preceding trading session, it experienced a modest increase in value, registering a gain of over 3%.
Source: TradingView
Additionally, the Relative Strength Index (RSI) on the chart indicated that Curve has remained within bearish territory since its decline. As of this writing, the RSI line was approaching the oversold zone.
