The cryptocurrency market is having another quiet weekend. While leading crypto Bitcoin is struggling to get to $27,000, most major altcoins are trending sideways. However, sharks roam the calm waters. Sharks are targeting CRV, crypto analytics platform Santiment reports.
Santiment: This altcoin is under the target of sharks!
cryptokoin.comAs you follow from , the market lacks bullish momentum. With the effect of the weekend, crypto currencies remain relatively flat, with exceptions. However, there are also investors who prefer not to rest. Crypto sharks have been collecting data Curve DAO Token (CRV) from Friday, analytics platform Santiment reported. In this context, Santiment shared the following:
Curve saw another big day of accumulation from sharks holding 1M-10M CRV tokens. In just 24 hours, they added 9.5% to their collective purse worth $9.5 million. Most of this came from dormant wallets, which have been the most active since July.
🦈 #Curve has seen another big accumulation day from sharks holding 1M-10M $CRV tokens In just 24 hours, they added 9.5% more to their collective bags, worth $9.5M. A big part of this came from dormant wallets, who are at their most active since July. https://t.co/VzZzmo4e3p pic.twitter.com/DT6E4lrm0H
— Santiment (@santimentfeed) October 13, 2023
The popularity of the altcoin project is increasing
With the official launch of Curve DAO in August 2020, it is still gaining popularity in the crypto market due to its network and the idea of Curve.fi. At that time, there were no specific updates as the platform was new to the crypto industry. CRV’s current ranking is 84th among the largest cryptocurrencies on the market. Additionally, it has a market dominance of 0.04%. However, it lags in creating a perfect chart for investors and traders.
First, let’s understand what Curve.fi is. A decentralized exchange platform optimized for low slippage and low fee swaps between assets pegged to the same value. Curve is an AMM that relies on liquidity pools and rewards nodes that fund the pools. The only limitation is that it only trades stablecoins. This means new options for traders looking for arbitrage opportunities.
Let’s get to know Curve DAO a little more
CRV is the governance token of Curve finance and is used to pay liquidity providers. The CRV token supply will increase up to 3 billion once the tokens are fully distributed to liquidity providers. DAO or Decentralized Autonomous Organization manages changes in decentralized protocols. The Curve DAO token gives voting rights to native token holders. Curve DAO token can be purchased or earned through yield farming. So, when a person deposits assets into the liquidity pool, he earns tokens as a reward. Obtaining the Curve DAO token also increases the incentives to become a liquidity provider since you also have ownership of the DeFi protocol.
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