Santiment’s latest insights report shows that whales have been accumulating CRV over the past two weeks.
The report warned that a CRV dump could happen soon after two whale transactions to exchanges occurred.
At press time, CRV is down 1.07% and trading at $0.6064.
Wallets holding between 10,000 and 100 million Curve Finance (CRV) tokens have been in a massive accumulation phase over the past few weeks, Santiment revealed in its latest insights report. According to the report, these wallet addresses have increased from holding 33% of the existing supply two weeks ago to holding 41% of the total supply at press time.
Despite the high accumulation of whales, Santiment warned that there could still be some CRV dumping. The report said that five large transactions totaling more than $10 million occurred in the past week. Notably, two of the transactions were between exchange addresses, suggesting that more dumping could occur in the near future. #山差币#
However, the negative selling pressure exerted on CRV may be coming to an end, as Santiment highlighted that whale trading volume has “largely calmed down” since CRV’s price plummeted to just over $0.50 two weeks ago. Despite this, the report noted that CRV is still trading significantly below pre-crash levels.
Things aren’t all doom and gloom for CRV, with Santiment revealing that the project’s Github activity remains noteworthy. The company noted in its report that CRV is recording 10-14 notable commits per day on Github. While this isn’t a record-breaking amount, the report mentions that this is a positive sign that the team is still looking to build despite the current FUD.
At press time, CoinMarketCap indicates that CRV is changing hands at $0.6064. This comes after the altcoin posted a 24-hour drop of 1.07%. The negative daily performance has resulted in the cryptocurrency trading closer to the 24-hour low of $0.6048 than the daily high of $0.6492.
One positive thing to note is that despite the cryptocurrency’s 24-hour price drop, CRV’s weekly performance remains in the green zone. At press time, CRV stock is up 5.58%.