Whales Take Over CRV as Others Await Breakout From Range

Data from Santiment, the behavior analytics platform, reveals a spike in whale activities in the Curve Finance (CRV) network as is also reported by the platform’s official Twitter handle. The recent rally shows that engagements increased among large CRV holders, while small and medium holders have remained stagnant.

? #Curve’s circulating supply has remained relatively stable, and whale transactions recently spiked, showing increased engagement among large holders, while small and medium holders have remained stagnant. Read our latest community post about $CRV. https://t.co/I6TTi28vde pic.twitter.com/drp5vTu1Cm

— Santiment (@santimentfeed) January 30, 2023

Curve Finance’s CRV token has been one of the top performers since the beginning of the new year. CRV opened the year at $0.524 and traded at $1.010 as of the time of writing. This surge represents an increase of almost 100% in four weeks, according to data from TradingView.

CRV/USDT 1-Day Trading Chart Source: TradingView

A significant part of this rally results from whales’ activities similar to the recent alert by Santiment. As per the analytic platform, the CRV wallets holding large amounts of tokens are responsible for the recent large transactions. The number of such wallets also increased by 2% in the last 30 days. Such details typically suggest an upcoming bullish trend, reflecting a growing demand for the tokens.

Notably, Santiment also reports that circulating supply remained the same, and small and medium token holders have stayed away from the market. All of these happen when CRV price appears to be in a sideways movement, consolidating on the recent rally and perhaps assessing where to go next.

CRV’s current behavior corroborates the predictions in an earlier post on Coin Edition. As predicted in the post, the inability of CRV to break above the $1.20 region has resulted in a fall back to $1.00. This area is currently undergoing a retest, which is probably the reason why small and medium investors are not actively participating in the market. They may jump in after the whales have confirmed the trend.

CRV prices have remained between $1.00 and $1.20 for the past seven days. It is the most extended sideways movement it has experienced this year. Traders and investors are observing the market to see its direction. Either way, a confirmed breakout could signal small and medium investors to return to the market. For now, it remains the playground of the whales.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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