Journalist
Posted:
- CRV volume increased to over $140 million.
- CRV saw a price increase of over 8% to trade above $0.51.
At the end of trading on September 24, Curve Finance’s share price rose [CRV] experienced a remarkable increase. What factors could have influenced the price movement of the CRV token?
How much are 1,10,100 CRVs worth today?
Curve Finance whales are making a splash
On September 24, as reported by Look at chainthe Curve Finance community has learned of two important moves by some whales.
According to data from Etherscanone of these whales withdrew 5.17 million CRV tokens from the cryptocurrency exchange Binance, which amounted to a value of more than $2.7 million.
Remarkably, this recording was completed in only about 20 minutes. This brought the total withdrawal by this whale to 14.44 million CRV tokens, worth over $7.5 million.
Additionally, another whale withdrew 5.78 million CRV tokens, worth more than $3 million, in the past 24 hours. These substantial movements of the whales had a ripple effect within the ecosystem, particularly impacting volume metrics.
Curve Finance sees a volume spike
According to the volume metric provided by Santiment, there was a significant increase in trading activity for Curve Finance in response to the whale movements. On September 24, CRV’s trading volume rose to over $132 million.
Source: Santiment
However, at the time of writing, it had risen further, reaching over $146 million. What made these spikes particularly notable was that they marked the first time volume reached such heights in more than a month.
The previous instance of over $100 million in volume occurred in late August. Since then, average trading volume has hovered around $20 million.
How CRV responded to the whales’ movements
The daily timeframe chart showed that the whales’ actions had a positive impact on the Curve Finance token. By the end of trading on September 24, CRV had risen in value by more than 8%, reaching a trading price of $0.51.
However, at the time of writing, there was a small 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 an RSI line above 60.
CRV sees a more negative financing rate despite a price spike
According to data from Mint glassthe price spike at Curve Finance resulted in the highest negative financing rate in more than a month. On September 24, the coverage ratio reached -0.1%.
Read Curve Finance’s (CRV) price forecast for 2023-2024
This indicated that not only did financing rates see a sharp increase, but it also indicated that a greater number of traders on most exchanges were betting on a price drop.
Furthermore, this increased negative funding rate could be attributed to CRV approaching the oversold zone, leading to expectations of a price correction.
