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In their latest insights report, Santiment revealed that wallets holding between 10K to 100 million Curve Finance (CRV) tokens have been in a massive accumulation phase over the past few weeks. According to the report, these wallet addresses have gone from holding 33% of the existing supply just two weeks ago to holding 41% of the total supply at press time.
Despite the high levels of accumulation by whales, Santiment warned that there may still be some CRV dumping on the cards. According to the report, 5 large transactions, totaling more than $10 million, took place throughout the past week. Notably, two of the transactions were between exchange addresses — indicating that more dumping may occur in the near future.
The negative sell pressure being exerted on CRV may be coming to an end, however, as Santiment highlighted that the amount of whale transactions have “mostly calmed down” since CRV’s price crashed to just above $0.50 two weeks ago. Nevertheless, the report noted that CRV is still trading significantly lower than it was prior to the crash.
Things are not all doom and gloom for CRV, as Santiment revealed that there has still been notable Github activity for the project. In the report, the firm noted that CRV has recorded 10-14 notable Github submissions per day. Although this is not a record-breaking amount, the report mentioned that this is a positive sign of the team still looking to build despite the current FUD.
At press time, CoinMarketCap indicated that CRV was changing hands at $0.6064. This was after the altcoin suffered a 24-hour loss of 1.07%. The negative daily performance resulted in the cryptocurrency trading closer to its 24-hour low of $0.6048 than its daily high of $0.6492.
One positive thing to note is that CRV’s weekly performance remained in the green zone even though the cryptocurrency suffered a 24-hour price decrease. At press time, CRV’s price was up 5.58%.
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