Journalist
Posted:
- 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
On 24 September, as reported by Lookonchain, the Curve Finance community took notice of two significant moves by some whales.
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.
Source: Santiment
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.
Source: TradingView
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
According to data from Coinglass, the price spike in Curve Finance resulted in the highest negative funding rate observed in over a month. On 24 September, the funding rate reached -0.1%.
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.