Curve Finance’s native token sparked interest among whales
The total value locked in the Curve protocol was more than Uniswap
Crooked finances [CRV] became a hot commodity among major addresses as market focus shifted to decentralized exchanges (DEXs) following the FTX debacle. According to a WhaleStats tweet on January 17, CRV became the most traded token among the top Ethereum [ETH] whales during the press, replacing the popular meme coin Shiba Inu [SHIB].
Check out the top 100 whales here: https://t.co/tgYTpOm5ws
— WhaleStats (crypto whale tracking) (@WhaleStats) January 17, 2023
Read Finance’s Curve [CRV] Price Forecast 2023-24
Whales had accumulated CRV tokens worth $4,584 in the last 24 hours, which roughly translated into a movement of 5,200 tokens.
Additionally, a Twitter thread by Token Terminal orphan revealed that the total number of CRV token holders grew steadily and reached almost 90,000, a 12% jump since the FTX contagion hit the market. This is an interesting development in the context of declining traders’ confidence in centralized exchanges (CEXs).
— Tokenterminal (@tokenterminal) January 16, 2023
It’s a smooth ‘Curve’
CRV’s growing appeal was also reflected in the price trajectory, which broke out of the $0.58-$0.5 range on Jan. 9 to begin a bull run, gaining nearly 63%. It was chasing the important $1 psychological level.
The indicators reconfirmed the bullish narrative as the Relative Strength Index (RSI) moved high into overbought territory. The On Balance Volume (OBV) also indicated that buying pressure was high as capital entered the market.
Curve Finance TVL is promising
Among DEXs, Curve Finance outperformed Uniswap [UNI], the largest exchange by trading volume in terms of total value locked (TVL) in smart contracts. At the time of writing, Curve Finance’s TVL was valued at $4.2 billion according to Token Terminal, up more than 11% over the past week compared to a $6.84% growth rate shown by Uniswap.
An increase in TVL implied that investors had confidence in the protocol and more money was flowing through the network.
Is your wallet green? Then view the CRV Profit Calculator
In addition, trading volume reached its monthly high of nearly $134 million. However, this number was significantly lower than that of Uniswap and SushiSwap.
Unlike other automatic market makers (AMM), CRV’s liquidity pools mainly consist of similarly behaved assets such as stable coins, to avoid the volatility associated with other crypto assets. Hence the growth of the stablecoin ecosystem, such as the soon-to-launch Cardanos Jedcan drive the growth of CRV in the future.
This post Curve Finance Earns Approval From ETH Whales: Is a Rally Coming?
was published first on https://ambcrypto.com/curve-finance-earns-approval-of-eth-whales-is-a-rally-incoming/