Curve (CRV) Bounces 40% From All-Time Low As Whales Go On Shopping Spree

• Nearly a week later, Curve Finance’s native token, CRV, has bounced over 40% from its all-time low and is currently trading around the $0.33 range.

Curve Finance’s native token, CRV, saw a dramatic 30% price drop a week ago. The crash, which included the massive liquidation of Curve Finance CEO’s lending positions, left many investors concerned. Whales took advantage of Curve’s struggle and loaded their bags with millions of tokens.

Whales Go Shopping After CRV Dip

On June 13, CRV price saw a massive drop and a high liquidation risk that alarmed the crypto community. 

As a result, Curve Finance’s native token reached a negative milestone after dropping nearly 40%. The token went from hovering between the $0.35-$0.37 price range to its new all-time low (ATL) of $0.20.

Since then, Curve Finance’s team has worked to solve the issues and stabilize the token’s price. Over the weekend, the token started its recovery, reclaiming the $0.30 support level.

However, CRV’s price fell below the support zone as the new week started, retracing to the $0.27-$0.29 levels. Curve continued its upward trajectory on Tuesday afternoon, printing nine hourly green candles.

Nearly a week later, the token has bounced over 40% from the drop. After momentarily rising above the $0.355 mark today, CRV is currently trading around the $0.33 range.

Despite investors’ concerns, whales took the opportunity to snatch CRV at a discounted price. On-chain analytics firm Spot On Chain revealed that six whales accumulated over 50 million CRV during the dip.

Six whales have accumulated 55.26M $CRV (~$19.4M) during the dip post- $CRV liquidation crisis!

• 5 of the 6 whales are first-time accumulators. This is reflected in the surge in first-time purchases of $CRV in the past week.

• The $CRV price is up ~14% (24H), almost back to… pic.twitter.com/DbBTipytcF

— Spot On Chain (@spotonchain) June 19, 2024

Per the report, the whales bought 55.26 million Curve tokens, worth around $19.4 million. 5 of the 6 wallets are first-time accumulators, which made the first-time purchases of the token surge this week.

Since the price recovery, the whales have made around 8%, or $1.43 million, in unrealized profit. The biggest gainer bought 4.34 million tokens at an average price of $0.288, representing a 21.84% ROI.

Crypto Analysts Predict Rise To $2

Various market watchers have forecasted a bullish future for CRV’s price. As the price started to retest the $0.3 price range, crypto trader Follis suggested that Curve Finance’s token would perform remarkably.

Don't own any $CRV but pretty sure this is gonna be one of the first alts to pull a 2x off the lows

+50% in 5 days and counting

-40% nuke last week due to liquidation event linked to founder

"Markets bottom on bad news" pic.twitter.com/qThNW7PYzZ

— フ ォ リ ス (@follis_) June 18, 2024

The trader says the token will “be one of the first alts to pull a 2x off the lows.” He highlighted that the token’s “-40% nuke” was linked to Michael Egorov’s liquidation event. Additionally, he pointed out that in 5 days, the token had recovered nearly 50% of its price.

Crypto analyst CrediBull stated that Curve Finance’s token has “already printed a clear 5 wave impulse.” 

To the analyst, this suggests that CRV is “structurally more bullish” than tokens like CVX. CrediBull forecasted a $2 target for the token based on this performance.

Another trader shared a similar opinion, stating that CRV is “looking good for some relief.” To Sanchez, the liquidation dip looked like the last leg down in a five-wave pattern. He believes the recent daily performance “should be good for a decent bounce.”