Why Curve Finance (CRV) Price Is Up 10% Despite Founder Dumping Heavily?

Despite the broader crypto market correction, Curve Finance’s Curve DAO Token (CRV) is up 10% with a strong 27% pump in daily trading volumes. This happens despite the fact that Michael Egorov has offloaded nearly $2 million in CRV tokens over the past two weeks. This is because the leading decentralized finance (DeFi) protocol witnessed a record Q1, with $35 billion in trading activity, despite a sluggish market.

Curve Finance Price Is Up 10%, $3 Rally Coming?

After the crypto market crash on Black Monday, the Curve DAO (CRV) price bounced back over 10%, currently trading at $0.45 with its daily trading volume surging 27% to $240 million. As per the Coinglass data, the CRV futures open interest is up 6% to more than $107 million, showing strong bullish sentiment among traders.

Prominent market analyst The Mental Trader has reiterated his bullish outlook on Curve (CRV), forecasting a rise to $3+ based on Elliott Wave (EW) theory. Despite recent price fluctuations, the analyst maintains that CRV remains in the “third of the third” mega wave upwards while hinting at a potential long-term upside.

The trader shows that the recent Curve Finance price action is a second minor wave within the sub-third wave, and a breakout above $0.60 would confirm a bullish trajectory ahead.

The swing low at $0.34 is highlighted as a critical level; a breach would necessitate a full revision of the EW count. Thus, traders should keep a close eye on CRV’s price action as it approaches pivotal resistance levels.

Founder Michael Egorov on CRV Selling Spree

Curve Finance founder Michael Egorov has resumed offloading CRV tokens amid a market rebound. On his latest sale, Egorov offloaded 236,457 CRV tokens valued at approximately $108,000.

Egorov has sold a cumulative 3.083 million CRV tokens since March 24, amounting to $1.62 million. The tokens were sold at an average price of $0.527, strategically executed near local price peaks as reported by Spot On Chain.

Surge In User Activity for Q1

The leading decentralized finance (DeFi) platform Curve Finance has witnessed a major surge in user activity during the first quarter of the year. During this period, the Curve platform clocked a massive $35 billion in trading volumes, up by 13% in comparison to the previous year.

As per the data from DeFiLama, the platform’s total transactions surged from around 1.8 million to 5.5 million in the first three months. This has been one of the major reasons behind the DEX’s surge in trading volumes.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.