Curve Finance’s native token, CRV, witnessed a significant price drop of 30% a week ago, leading to concerns among investors. However, this dip presented an opportunity for whales who took advantage of the situation and purchased millions of CRV tokens.
On June 13, CRV experienced a massive drop, causing the token to reach an all-time low (ATL) of $0.20. Despite efforts by Curve Finance’s team to stabilize the token’s price, it initially fell below the support zone at the start of the new week. However, on Tuesday afternoon, the token began its upward trajectory, with CRV currently trading around the $0.33 range after bouncing back more than 40% from its low.
During this dip, whales seized the opportunity to accumulate CRV at a discounted price. On-chain analytics firm Spot On Chain reported that six whales accumulated over 50 million CRV tokens, worth approximately $19.4 million. Interestingly, five of these wallets were first-time accumulators, indicating a surge in new purchases of the token.
Since the price recovery, these whales have made around 8% in unrealized profit, equivalent to $1.43 million. The most successful buyer acquired 4.34 million tokens at an average price of $0.288, enjoying a 21.84% return on investment (ROI).
Market analysts have also expressed optimism about the future of CRV. Crypto trader Follis predicts that CRV will be one of the first altcoins to experience a 2x surge off its lows. Another analyst, CrediBull, believes that CRV’s recent performance indicates a more bullish outlook compared to tokens like CVX and sets a target of $2 for the token. Similarly, another trader, Sanchez, suggests that CRV is poised for a bounce after the recent daily performance.
Overall, despite the initial drop and concerns among investors, CRV’s bounce and the accumulation by whales indicate positive sentiment and potential for future growth.