Convex Finance (CVX) doubled in price within 24 hours, establishing new records for trading volume on major exchanges.
Analysts capitalized on CVX’s price swings, leveraging high APR incentives.
The rise underscores growing interest in DeFi platforms, positioning CVX as a player in the market.
Convex Finance’s (CVX) price surged over 100% within the past 24 hours, accompanied by record-breaking trading volumes across major exchanges.
On June 16, crypto analyst Wu Blockchain highlighted that Binance saw CVX/USDT spot trading volume near $32 million, a new daily record for the platform. Simultaneously, Bybit recorded $120 million in CVX USDT perpetual contract trading.
Curve yield amplifier Convex CVX has soared more than 100% in the past 24 hours. On June 16, Binance CVX/USDT spot trading volume reached nearly $32 million, setting a new record for a single day. In the past 24 hours, Bybit CVX USDT perpetual contract trading volume reached $120…
— Wu Blockchain (@WuBlockchain) June 17, 2024
This surge follows a statement by crypto investor CrediBULL Crypto, who detailed their experience with Convex Finance. The investor first purchased CVX in 2021 at around $5 and recouped their initial investment within a year due to the high APR from “bribes,” or incentives, paid to CVX holders bi-weekly. These bribes, around 30% APR, scaled with the price, allowing the investor to recover their principal faster than expected.
Despite CVX reaching an all-time high of $60, it eventually dropped back to $2. The investor took advantage of this dip to triple their holdings, making a final purchase at $2 to reach their desired allocation.
With the APR still around 25%, the investor expects to recover their investment again within a year, while holding a much larger stake, hoping for new all-time highs to take future profits.
First bought $CVX in 2021 at around $5. Over the next year or so I would completely recoup my principle via the “bribes” or incentives that are paid out to holders every two weeks. The ~30% APR I was earning at the time scales with price- so I ended up recouping my investment… https://t.co/or2PYeY4f6
— CrediBULL Crypto (@CredibleCrypto) June 16, 2024
The trading activity and optimism of long-term investors suggest renewed interest in Convex Finance. This occurs amid a broader trend of increased attention towards yield amplifiers and DeFi platforms.Convex Finance (CVX) is currently trading at $4.03, with a 24-hour trading volume of $174,861,508.83. CVX has increased 82.40% in the last 24 hours and 68.87% over the past seven days.
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