Curve DAO (CRV) price experienced a significant surge, rising by over 10% to reach a high of $0.35. This increase comes after the token’s recent all-time low, which saw a 41% drop in value. Interestingly, on-chain data reveals that whales have been accumulating CRV this week.
The sharp decline in CRV price on June 13, where it dropped by more than 30% to hit an all-time low of $0.23, was a result of the liquidation of almost $100 million of Curve founder Michael Egorov’s crvUSD loan. However, amidst this liquidity crisis, whales have been aggressively accumulating CRV tokens.
Spot On Chain reported that six whales have acquired a total of 55.26 million CRV, equivalent to approximately $19.4 million. It’s worth noting that five out of the six whales are accumulating CRV for the first time, suggesting a surge in first-time purchases of the token. Lookonchain also observed that whales have taken advantage of the CRV dip, with four wallets withdrawing 42.4 million CRV worth $14.9 million from Binance in the past two days.
CRV’s price increase aligns with the overall positive trend seen in the altcoin market, driven by the recent news of the SEC ending its investigation into Ethereum 2.0, which caused ETH price to rise. Other altcoins, including Lido DAO, Ethereum Name Service (ENS), and Uniswap, also experienced notable surges.
With CRV’s price rising in the past 24 hours, a continued bullish sentiment could potentially propel it above its pre-liquidation levels. CoinGecko data indicates that CRV traded above $0.41 on June 10 and surpassed $0.50 in late May.