• 15 June, 2024
News

CRV Whale Activity Impacts Curve Finance and Binance: Report

In a recent update from Lookonchain, a notable on-chain smart money tracker, intriguing developments surrounding the CRV token and its impact on Curve Finance and Binance have come to light. Over the past few days, a wallet has made significant moves in the cryptocurrency market, with implications for the broader DeFi ecosystem.

A fresh wallet, created just 17 hours ago, made headlines by withdrawing 3.18 million CRV tokens, valued at approximately $1.44 million, from Binance. What’s more intriguing is that this wallet promptly deposited this substantial amount of CRV tokens into Convex. 

This move immediately affected the price of CRV, causing it to surge by approximately 10% within the same day. This suggests that the wallet could be strategically accumulating CRV tokens.

But this is just the tip of the iceberg. Lookonchain’s data reveals that this wallet has withdrawn 9.27 million CRV tokens, equivalent to around $4.5 million, from Binance in the past 30 hours alone. These tokens were subsequently staked on Convex, indicating a substantial commitment to the CRV ecosystem.

Simultaneously, another intriguing report highlighted a whale identified only as “0x171.” This whale transferred 1.542 million CRV tokens, valued at roughly $684,000, from Binance. What followed was an addition of liquidity to Curve Finance. Over the past week, “0x171” has been actively supplying liquidity to Curve Finance, contributing 5.36 million CRV tokens worth an estimated $2.27 million.

In another related report, Binance Labs injected $5 million into Curve DAO Token (CRV) in August, following an attack that saw Curve Finance lose at least $60 million. Yi He, Co-Founder of Binance and Head of Binance Labs, expressed their commitment to support Curve Finance in the aftermath of the incident, although not explicitly mentioning it.

As of the latest data, Curve DAO Token is trading at $0.477795, with a 24-hour trading volume of $77,974,672. With a 4.74% increase in the last 24 hours, CRV remains a significant player in the DeFi space.

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