The native token of Curve Finance (CRV) shot up in value on Sunday as the asset witnessed a spike in whale accumulation.
Curve is a decentralized finance (DeFi) platform that offers stablecoin trading with a native token, CRV, that jumped from trading around $0.475 earlier on Sunday to a high of nearly $0.539 later in the day, an increase of more than 13.4%.
The 79th-ranked crypto asset by market cap has since partially retraced and is trading around $0.517 at time of writing.
Crypto tracker Lookonchain notes that one whale withdrew 19.56 million CRV worth around $10.33 million from top crypto exchange Binance over three days. The whale reportedly staked all of the withdrawn CRV on Convex Finance (CVX), a DeFi platform designed to allow Curve users to boost their rewards.
A separate whale also withdrew 5.78 million CRV worth more than $3 million from Binance on Sunday, according to Lookonchain.
Additionally, the blockchain tracker notes that Curve founder Michael Egorov deposited a total of 23.26 million CRV worth $12.3 million into Silo (SILO), a non-custodial crypto lending protocol. Egorov also reportedly borrowed 3.75 million worth of Curve’s stablecoin crvUSD, which aims to maintain a 1:1 peg with the US dollar.
The Curve founder then exchanged the 3.75 million crvUSD for the top stablecoin USDT, issued by Tether.
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The post Curve Price Spikes As Whales Suddenly Accumulate CRV: On-Chain Data appeared first on The Daily Hodl.