Stablecoin exchange protocol Curve recently plunged into a crisis with the founder facing a massive liquidation of $CRV tokens. However, the price of Convex Finance token $CVX, the largest yield aggregator on Curve, soared by over 100% today…
(Previous context:
Curve founder faces liquidation of 140 million CRV, Arkham: only 10% downside left…
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(Background:
CRV plunges 40% in one hour! Curve founder liquidated over 50 million tokens, whales take advantage of arbitrage
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On June 13, Michael Egorov, the founder of stablecoin exchange protocol Curve, faced a liquidation of over 50 million $CRV tokens, causing the price of $CRV to plummet to $0.2 at one point. On June 14, the price of $CRV started to recover slightly, rising by 7.8% in 24 hours, reaching $0.33 at the time of writing.
CVX aggregator surges over 100%
Today (17th), the price of Convex Finance token $CVX, the yield aggregator on Curve, skyrocketed by over 100%, attracting significant market attention. Furthermore, on June 16, the trading volume of $CVX on Binance’s CVX/USDT spot trading pair reached $32 million, setting a new all-time daily high.
CVX price surges by 101% in 24 hours | Source: X
Curve analyst: CVX fundamentals strong after CRV liquidation
In the face of the sudden surge in $CVX price, there are reasons behind it. It is understood that the funds flowing into veCRV this week are six times the weekly inflation, indicating significant deflationary pressure on $CRV in the market. Crypto influencer @CredibleCrypto, who has nearly 400,000 followers, commented on this development.
On the other hand, analyst @JasonHitchcock, who has been involved in the Curve ecosystem long-term, also expressed optimism for $CVX in the long term. He believes that Convex is in an excellent position at the moment.
Related reports:
Promised lock-up but sold secretly? CRV drops nearly 20% in a week, Curve founder: OTC buyers “should” follow through…
Curve cut off by big brother! Moral lock-up period ends, leading to a 15-minute plunge in CRV, earning £250,000
Curve launches lending market! Supports lending of crvUSD, CRV, founder: Want to liquidate me? Bring it on!
