Convex Finance is a DeFi protocol built on Curve Finance and aims to reward liquidity providers and those who deploy Curve Finance’s native token, CRV, with additional returns.

According to data from Curve Finance, the exchange’s pool for Convex CVX tokens was 9639.54 wETH ($10.57 million), which was available as potential liquidity, and 2,598,299.35 CVX tokens ($10.93 million).

According to this data from Dune Analytics, as part of the 16 unlocks for voice-locked CVX tokens scheduled to begin June 30, approximately 27.4 million CVX tokens would be unlocked.

With the initial unlock just days away, investors are harboring fears of a further drop in the price of the CVX tokens.

But how has the token performed in the past month prior to unlocking?

Hear Ye, liquidity providers

A month ago, the CVX token registered an index price of $10.9. However, as the crypto market’s downturn intensified and the amount of available liquidity on Convex Finance declined, CVX tokens have posted losses over the past 30 days.

When trading hands at $4.24 per CVX token at the time of printing, the token has lost 60% of its price in the past 30 days. In the past 24 hours, a price drop of 8% was registered.

In addition, the market cap of the CVX token over the past 30 days has also seen a drop from $673.58 million to the $269.13 million it marked at the time of writing.

Source: Santiment

Technical analysis indicates that the token has steadily declined after April 4. Since then, the Relative Strength Index (RSI) has been buried below the 50 neutral index, indicating an increased distribution of CVX tokens over the past two months. The RSI was heavily oversold at the time of writing, marking a spot at 27.81. On a 50-day EMA, the trendline showed a bearish bias.

Source: TradingView

Analysis on the chain

For the past month, every three to four days has been marked by a spike in whale transactions exceeding $100k. At the time of going to press, it was 10. On an average of 30 days, the highest this token has registered in a day in this regard is 10 trades.

For trades over $1 million, the highest daily count recorded by the token in the past 30 days was the highest of six trades seen on June 9.

Source: Santiment

Between June 1 and June 8, the CVX token saw its network growth slow and failed to register significant traction. However, by June 12, the number of new addresses created on the network had risen to 77. However, it has steadily declined since then. At the time of writing, it was fixed at 52.

Source: Santiment

Although periodic declines are recorded, the transaction volume on the network has grown steadily over the past 30 days. At the time of writing, it was 2.15 million, up 58% from the 834k recorded a month ago.

Source: Santiment

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