Curve Finance’s native token, CRV, experienced a significant price drop of 30% a week ago, causing concern among investors. The crash also involved the liquidation of Curve Finance CEO’s lending positions. However, whales in the crypto community took advantage of this situation and purchased millions of tokens at a discounted price.
After the drop on June 13, CRV hit an all-time low of $0.20, dropping nearly 40% from its previous price range of $0.35-$0.37. Despite the initial setback, Curve Finance’s team worked to stabilize the token’s price, leading to a recovery over the weekend and reclaiming the $0.30 support level.
Although the price briefly fell below the support zone at the start of the new week, Curve Finance continued its upward trend and saw a 40% bounce back from the drop. Currently trading around $0.33, the token has shown resilience in the face of recent challenges.
During the dip, whales seized the opportunity to accumulate CRV at lower prices. On-chain analytics firm Spot On Chain reported that six whales purchased over 50 million CRV, totaling around $19.4 million. Notably, five of these wallets were first-time accumulators, indicating a surge in new investors acquiring the token.
The whales have already made approximately 8% in unrealized profit since the price recovery, with the biggest gainer achieving a 21.84% return on investment. As the market recovers, analysts have predicted a bullish future for CRV’s price, with some suggesting a target of $2 based on the token’s recent performance.
Crypto trader Follis believes that CRV will be one of the first altcoins to double in value from its recent lows. Additionally, crypto analyst CrediBull highlighted a clear 5 wave impulse in CRV’s price movement, indicating a bullish trend compared to other tokens. Another trader, Sanchez, expects a significant bounce in CRV’s price following the recent performance.
Overall, despite the challenges faced by Curve Finance and CRV, the token has shown resilience and potential for growth. With whales accumulating tokens and analysts predicting a positive trajectory, CRV’s price may continue to rise in the coming days. Investors are advised to conduct their own research and consider the risks involved before making any investment decisions in the crypto market.
