CRV, the native crypto of DeFi giant Curve Finance, saw an impressive surge on July 22’s final 24 hours. An unexpected upside move has CRV being among the profitable assets within the crypto world. With its market cap at $770, cryptocurrency fans might wonder what’s behind the latest rally.
A Possible Uprising
Michael Egorov, Curve Finance founder, revealed that the firm was about to launch its stablecoin. Je confirmed the move on Thursday (July 21). The Egorov announcement pushed Curve DAO (CRV) beyond other DeFi networks to 30-day highs. Protocols with their stablecoins, such as MakerDAO and AAVE, could not match CRV’s surge, even with their 4.35% and 5.69% surge, respectively.
Meanwhile, CRV encountered challenges after closing June near the $0.66 mark. However, that seems to change. Though the struggles, CRV hit $1 on July 14. For now, the alt trades at $1.45, confirming the stablecoin updates impacted the asset’s price movement.
Though the run-up, CRV stays far from its $60.50 all-time high, recorded in 2022. After failing to attain such heights in 2021, will CRV compensate in 2022?
Beware of This
One thing to check with the CRV announcement is the token’s rank on the Decentralize Finance TVL (total value locked). With the stablecoin announcement, CRV maintains the lead as the top DeFi platform, boasting a market share of 9.7%. Its value stands at $17 billion.
Others like Compound, MakerDAO, and Lido kept their previous spots despite their 24hr gains. Nevertheless, CryptoQuant’s data indicates that CRV investors profited from the increased prices. Details show CRV’s exchange reserves have surged 3% within the last 24 hours. The figure stood at $92,624,386 during this publication.
That shows near-term traders might have made substantial gains following the move. However, the selling momentum is yet to (significantly affect CRV’s prices). Generally, CRV flourished within the 30 days as the alternative token’s price climbed by around 92%. Also, Santiment reported that CRV’s volume remained elevated since July 20.
CRV enthusiasts will presume the stablecoin launch will improve the asset’s rally. Whether true or not, the CRV community and team will determine the outcome.