coinjournal.net
- Curve DAO (CRV) price spiked more than 10% to hit highs of $0.35.
- The token’s value is up 41% since hitting current all-time low amid recent CRV liquidation crisis.
- Data shows whales have aggressively accumulated CRV this week.
Curve DAO (CRV) price soared more than 10% early Wednesday to reach highs of $0.35.
While the Curve Finance governance token’s value remains in the red over the past week and month, today’s gains have pushed CRV up 41% from its all-time low. The token reached this level amid a liquidation crisis involving Curve founder Michael Egorov.
Curve price rebounds amid whale accumulation
CRV price fell sharply on June 13, dropping more than 30% in an hour to hit an all-time low of $0.23. The sell-off came after the Curve founder’s $141 million CRV-backed loan resulted in the liquidation of nearly $100 million of his crvUSD loan.
However, on-chain data also shows a massive accumulation of CRV by whales this week.
Spot On Chain shared in a post on X on June 19 that six whales have so far accumulated 55.26 million CRV worth approximately $19.4 million.
The increase in whale activity has come during the dip in CRV price “post-liquidation crisis,” Spot On Chain pointed out.
Of the six whales, five are first-time accumulators, which reflects the surge in first-time CRV purchases recorded in the past week.
Lookonchain has also noted that whales have bought the dip following the CRV liquidation. In the past 2 days, four wallets withdrew 42.4 million CRV worth $14.9 million from Binance, Lookonchain noted.
CRV bounces alongside other altcoins
Notably, Curve DAO’s gains come amid a broader altcoin uptick on the back of latest Consensys news.
Earlier today, Consensys announced that the SEC has ended its investigation into Ethereum 2.0, news that saw ETH price break higher. Altcoins such as Lido DAO, Ethereum Name Service (ENS) and Uniswap also surged.
Curve’s upside mirrored these broader market gains.
With price up in the past 24 hours, a flip in sentiment that cements a bullish outlook could see CRV break above its pre-liquidation level. According to data from CoinGecko, CRV traded above $0.41 on June 10 and above $0.50 in late May.