Curve Financeâs native token, CRV, saw a dramatic 30% price drop a week ago. The crash, which included the massive liquidation of Curve Finance CEOâs lending positions, left many investors concerned. Whales took advantage of Curveâs struggle and loaded their bags with millions of tokens.
Whales Go Shopping After CRV Dip
On June 13, CRV price saw a massive drop and a high liquidation risk that alarmed the crypto community. As a result, Curve Financeâs native token reached a negative milestone after dropping nearly 40%. The token went from hovering between the $0.35-$0.37 price range to its new all-time low (ATL) of $0.20.
Since then, Curve Financeâs team has worked to solve the issues and stabilize the tokenâs price. Over the weekend, the token started its recovery, reclaiming the $0.30 support level.
However, CRVâs price fell below the support zone as the new week started, retracing to the $0.27-$0.29 levels. Curve continued its upward trajectory on Tuesday afternoon, printing nine hourly green candles.
Nearly a week later, the token has bounced over 40% from the drop. After momentarily rising above the $0.355 mark today, CRV is currently trading around the $0.33 range.
Despite investorsâ concerns, whales took the opportunity to snatch CRV at a discounted price. On-chain analytics firm Spot On Chain revealed that six whales accumulated over 50 million CRV during the dip.
Per the report, the whales bought 55.26 million Curve tokens, worth around $19.4 million. 5 of the 6 wallets are first-time accumulators, which made the first-time purchases of the token surge this week.
Since the price recovery, the whales have made around 8%, or $1.43 million, in unrealized profit. The biggest gainer bought 4.34 million tokens at an average price of $0.288, representing a 21.84% ROI.
Crypto Analysts Predict Rise To $2
Various market watchers have forecasted a bullish future for CRVâs price. As the price started to retest the $0.3 price range, crypto trader Follis suggested that Curve Financeâs token would perform remarkably.
The trader says the token will â be one of the first alts to pull a 2x off the lows.â He highlighted that the tokenâs â-40% nukeâ was linked to Michael Egorovâs liquidation event. Additionally, he pointed out that in 5 days, the token had recovered nearly 50% of its price.
Crypto analyst CrediBull stated that Curve Financeâs token has âalready printed a clear 5 wave impulse.â To the analyst, this suggests that CRV is âstructurally more bullishâ than tokens like CVX. CrediBull forecasted a $2 target for the token based on this performance.
Another trader shared a similar opinion, stating that CRV is âlooking good for some relief.â To Sanchez, the liquidation dip looked like the last leg down in a five-wave pattern. He believes the recent daily performance âshould be good for a decent bounce.â
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