Curve Finance (CRV) has become the top performing cryptocurrency in the crypto market over the past 7 days.
On-chain data shows that the price of Curve Finance (CRV) has slightly surpassed $0,51 per unit, returning to month-ago levels this week.
According to CoinMarketCap, the native token of the decentralized protocol Curve Finance is recording its first significant weekly increase of 2023, rising almost 20% in the last 7 days.
On the other hand, the market capitalization of the CRV token has increased by almost 10%, while the weekly trading volume registers a growth of almost 400% this Monday.
Source: CoinMarketCap
The surge in CRV price and trading activity in the crypto market coincides with the influx of whale wallets that are strategically accumulating the DeFi token. Analysts at Lookonchain indicated that the movements that large CRV whales have been making are driving the recent increase in its price.
What is driving the rise in CRV?
Active participation by whales on Curve Finance has been pushing the price of CRV higher, according to Lookonchain.
The platform has been identifying wallet addresses that have been making large movements with the token, such as the “0xDf14” wallet, which accumulated 9,27 million CRV tokens (about $4,45 million USD) in just two days between September 21 and 22.
According to analysts, the “0xDf14” wallet withdrew CRV tokens from a Binance account and deposited them into the decentralized staking protocol Convex Finance, which can be interpreted as a sign of commitment to Curve Finance and the recovery of its ecosystem.
Another whale, “0x171,” has been actively adding liquidity to the DeFi protocol, transferring over 5,36 million CRV tokens, worth an estimated $2,2 million, to Curve Finance.
On the other hand, the platform's analysts also indicated that large CRV holders have been actively participating in Curve DAO Token, as a way to contribute to the constant growth of the crypto space this 2023 and to shape the future of the DeFi sector.
What is Curve Finance?
Curve Finance is a decentralized protocol focused on the exchange of stablecoins. Currently, it is the largest decentralized stablecoin exchange and the fourth largest DEX in the DeFi ecosystem by trading volume, according to the data from Dune Analytics.
Continue reading: This is what Curve Finance's new stablecoin will look like
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