Curve DAO Token [CRV]the native cryptocurrency of DeFi maestro, Curve Finance, rose as much as 22% in the last 24 hours of July 22.
In an unexpected upward move, CRV was one of the most profitable cryptocurrencies.
With a market cap of $770 million, the crypto community might wonder what the driving force behind the rally was.
A possible uprising
On Thursday (July 21), Curve Finance founder Michael Egorov confirmed that the company was about to launch its own stablecoin.
you know you know
— ⚠️ (rock #58) (@mrblocktw) July 21, 2022
Egorov’s confirmation pushed CRV to a 30-day high above other DeFi protocols. Protocols like AAVE and MakerDAO [MKR]which have their own stablecoins failed to match CRV’s run, despite up 5.69% and 4.25% respectively.
Before that, CRV had found it challenging to rise substantially after June at about $0.66.
Despite the difficulties, the price of the CRV rose to $1 on July 14. The current trading price of $1.45 confirms that the development of stablecoin had a huge impact on the price movement.
Despite the run, CRV remains a long way from the all-time high (ATH) of $60.50 reached in 2020. Is 2022 the year for CRV’s investors to rejoice after failing to hit those heights again in 2021?
An important thing to consider with this CRV update is the status on the DeFi Total Value Locked (TVL). With the proposed stablecoin, CRV still leads at the top of the DeFi, with 9.7% of the market share valued at $17 billion.
Others, including Lido, Compound, and MakerDAO, have kept their previous positions even with their 24-hour gains. However, data from CryptoQuant suggests that CRV traders have benefited from the increase in price.
According to the details, CRV .’s foreign exchange reserves have increased 3% over the last 24 hours.
At the time of going to press it was $92,624,386. This would have allowed short-term traders to make significant gains from the move. However, the selling pressure did not significantly affect the price of CRV as it maintained a reasonable price.
Overall, it has been well over thirty days for CRV as the token price increase is around 92% within that period. Sanitation too reported that the CRV volume has been rising non-stop since July 20.
As the CRV rally continues, investors who believe in the DeFi coin assume the launch of the stablecoin will make it perform better. Whether it materializes or not, the outcome is in the hands of the CRV team and the community.
This post Reasons why CRV surpassed AAVE, MKR to impress its investors
was published first on https://ambcrypto.com/reasons-why-crv-outshined-aave-mkr-to-impress-its-short-term-investors/