• CRV’s token price has increased by 107% since the beginning of the current bull cycle.
• A surge in daily trading volume of 200% during the last 30 days hints at increased utility of the altcoin.
• Whale transactions exceeding $1 million have increased, indicating a strong belief in continued price growth.
The crypto market has seen a tremendous surge in the value of Curve Finance’s CRV token in the past 30 days. After exchanging hands at $1.08 at press time, the altcoin’s value has increased by 107% since the beginning of the current bull cycle. This remarkable increase in value is being sustained by a surge in daily trading volume, which has gone up by 200% in the last month, according to data from Santiment.
The increase in activity has led to an increase in the number of whale transactions exceeding $1 million. Such an increase is usually seen as a bullish indicator, suggesting that bigger stakeholders have faith in the token’s continued price growth. An analysis of CRV’s supply distribution showed that the recent price surge was mainly fueled by CRV token holders in the 1 to 10,000 range. This group increased their token accumulation, causing their count to rise by 2% in the last month. On the other hand, bigger stakeholders that hold between 10,000 to 10,000,000 CRV tokens reduced their holdings during the period under review.
However, despite the strong bullish sentiment, CRV’s open interest has been on a decline in the past seven days. At $58.56 million at the time of writing, the open interest has fallen by 24.6%, indicating that buyers can no longer support the price rally. This could lead to a price correction in the near future. Nevertheless, the altcoin’s impressive rally shows that it has a bright future ahead.