thenewscrypto.com
- CRV surges 70% fueled by scrvUSD stablecoin launch.
- On-chain metrics show record staking and trading volume increases
Curve DAO’s native token, CRV, has surged by over 138% this week, reaching price levels not seen since 2023. And hours ago, it hit a 10-month high of $1.16. The impressive rally coincides with the launch of its yield-bearing stablecoin scrvUSD on the Spectra ecosystem.
The scrvUSD stablecoin, launched on December 3, offers low-risk returns and has already attracted $14.5 million in deposits. This addition is part of Curve Finance’s broader strategy to enhance the scalability and adoption of its crvUSD stablecoin. With scrvUSD integrated into the Spectra ecosystem, the decentralized exchange aims to expand its DeFi offerings and attract more users to its platform.
Meanwhile, On-chain metrics further highlight the bullish momentum. CRV’s staking amount nearly doubled from $445.31 million on November 27 to $839.29 million by December 4, marking the highest level since June 2022.
The surge in CRV’s price also aligns with broader market optimism following the victory of Donald Trump in the U.S. presidential election. Analysts suggest that expectations of pro-crypto policies and potential regulatory easing under the new administration have bolstered investor confidence, contributing to a broader crypto market rally.
Optimism On CRV Bulls
Technically, CRV has broken above a descending trendline that had been suppressing its price since mid-2022. Currently trading at $1.14, the token has reclaimed its 50% Fibonacci retracement level of $0.88 and is eyeing a retest of its July 2022 high of $1.58. However, with the Relative Strength Index (RSI) at an overbought level of 84, traders are advised to exercise caution as a short-term price pullback could occur.
Curve Finance, which has generated $37 million in annualized revenue over the past 30 days, continues to innovate in the DeFi space. With a market cap exceeding $1 billion, the protocol’s advancements, including the scrvUSD launch, highlight its commitment to competing with younger rivals and cementing its position in the evolving DeFi landscape.