CRV Token Price Up 30% Amid News of Purchase of Custodian Firm Curv

Curve Finance is up nearly 30% in 24 hours. Excited speculators mistakenly rushed to invest in the native token of the decentralized financial protocol Curve Finance (CRV) after reports surfaced that payment giant PayPal had acquired Israeli crypto custodian Curv. According to Israeli media, the company could be sold for $200-300 mln.

Within an hour of the news release, Curve's CRV token is up more than 10%. The price rose from about $2.30 to $2.60. However, the CRV quickly reversed the rally. The resulting red candle has become the largest hourly CRV candle by trading volume since January 21st. According to market data aggregator Messari, CRV is currently considered the most efficient Ethereum-based asset.

This is not the first time traders have bought the «wrong» token. In January, bewildered traders were interested in the Tanzanian Gold Corporation (TRX), listed on the New York Stock Exchange. The daily trading of Tanzanian Gold Corporation shares on Jan.29 increased almost 84 times, from an average daily volume of 584,000 shares to 49 mln. TRX stock prices surged from $0.85 to over $1.90 that day, then plummeted. closing the day with a loss of about 15%.

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