Curve Finance whales spark volume surge, bullish momentum
- CRV volume spiked to over $140 million.
- CRV saw an over 8% price increase to trade above $0.51.
At the end of trading on 24 September, the price of Curve Finance [CRV] experienced a noteworthy surge. What factors might have influenced the price movement of the CRV token?
How much are 1,10,100 CRVs worth today
Curve Finance whales make a splash
According to data from Etherscan, one of these whales withdrew 5.17 million CRV tokens from the cryptocurrency exchange Binance, which amounted to a value exceeding $2.7 million.
Remarkably, this withdrawal was completed in just approximately 20 minutes. This brought the total withdrawal by this whale to 14.44 million CRV tokens, valued at over $7.5 million.
In addition to this, another whale withdrew 5.78 million CRV tokens, worth more than $3 million, within the past 24 hours. These substantial movements by the whales had a ripple effect within the ecosystem, notably impacting the volume metric.
Curve Finance sees volume spike
According to the volume metric provided by Santiment, there was a significant surge in trading activity for Curve Finance in response to the whale movements. On 24 September, the CRV trading volume surged to over $132 million.
However, it had spiked further as of this writing, hitting over $146 million. What made these spikes particularly noteworthy was that they marked the first time in over a month that the volume had reached such heights.
The previous instance of the volume exceeding $100 million occurred toward the end of August. Since then, the average trading volume has been hovering around $20 million.
How CRV reacted to the whales’ moves
The daily timeframe chart revealed that the actions of the whales had a positive impact on the Curve Finance token. By the end of trading on 24 September, CRV had surged in value by more than 8%, reaching a trading price of $0.51.
However, as of this writing, there had been a minor decline of less than 1%, but the token was still trading within the $0.51 price range.
Furthermore, the Relative Strength Index (RSI) indicated that CRV was in a strong bullish trend, with its RSI line positioned above 60.
CRV sees more negative funding rate despite price spike
Read Curve Finance (CRV) Price Prediction 2023-24
This indicated that not only did the funding rate experience a sharp increase, but it also signaled that a greater number of traders were placing bets on a price decline across most exchanges.
Furthermore, this heightened negative funding rate might be attributed to CRV approaching the oversold zone, leading to expectations of a price correction.