In the tempestuous world of cryptocurrency, Curve Finance’s native token, CRV, recently caused stir as it faced a dramatic collapse, dropping by nearly 30% — a seismic shift that left investors knocking on the doors of concern. This sudden decline, which resulted in the massive liquidation of the CEO’s lending positions, seemed for some to herald an era of strife and uncertainty for CRV. Yet amidst the turmoil, crypto-whales leveraged the opportunity, snatching up millions of tokens and lining their pockets.
CRV’s price plunge, a formidable downturn reverberating through the crypto community, occurred on the 13th of June, plummeting from the relatively stable price range of $0.35 – $0.37 to an all-time low of $0.20. This staggering crash marked a negative milestone for the token, setting off shockwaves of concern in the once-steady market.
However, the team at Curve Finance sprang into action, tirelessly working towards stabilizing the shaken prices of the token. Their efforts bore fruit over the ensuing weekend, with the once struggling token beginning to regain lost ground as it clawed its way back to the $0.30 support level.
In a spat of unfortunate timing though, the advent of a new week saw CRV suffer another drop, slipping beneath the support zone and retracing back to the levels between $0.27 – $0.29. But CRV did not stay down for long. By Tuesday afternoon, the token persevered and embarked on an upward trajectory, symbolically chalking up nine hourly green candles on the board.
The turbulence eventually settled and nearly a week after the plummet, the token bounced back robustly, gaining over 40% from the drop. CRV’s moment in the sun saw the token touch the $0.355 mark before it tempered down to a more sustainable trading range around $0.33.
Interestingly, while some investors fretted over the price volatility, seasoned whales dived into the opportunity, scooping up CRV tokens at discounted rates. On-chain analytics firm, Spot On Chain, disclosed that six whales amassed over 50 million CRV tokens during the dip.
Diving into the details, a staggering 55.26 million Curve tokens, amounting to an estimated $19.4 million, got snapped up by these six savvy whales, with five among them being first-time accumulators. This move resulted in an impressive surge in first-time purchases of the token that week.
Riding on the wave of recovery, the whales are estimated to have made around an 8% gain, which equates to an impressive $1.43 million in unrealized profit. The biggest gainer among them pocketed 4.34 million tokens at an average price of $0.288, translating to a tip-top ROI of 21.84%.
In spite of the rollercoaster ride, market watchers predict a bullish future for CRV. Crypto trader Follis suggested that CRV could see one of the quickest recoveries, going so far as to forecast that the token could perform a remarkable 2x surge off the lows. Even expert crypto analyst, CreditBull, echoed this sentiment, suggesting that CRV is more structurally bullish than its counterparts like CVX. He then went on to forecast a $2 target for the token based on this performance.
Another trader, Sanchez, agreed with these bullish forecasts, stating CRV is looking promising for a relief rally. He opined the price dip was simply the final leg down in a five-wave pattern, and suggests the token’s recent daily performance is apt for a good bounce back.
