In the latest update, Santiment shed light on the tumultuous journey that CurveFinance has endured throughout 2023. Despite the turbulence and the shadow of its founder’s controversy, the project seems determined to forge ahead, potentially opening up new avenues for growth.
Curve Metrics: Navigating Uncertainty
Santiment’s insight report delved into the ongoing controversy that has ensnared Curve Finance ever since Michael Egorov’s involvement in a $100 million stablecoin loan, utilizing CRV tokens as collateral.
Lawsuits aimed at the project’s founder have only added to the swirl of uncertainty. However, despite these challenges, CRV has managed to hold its ground against the onslaught of fear, uncertainty, and doubt (FUD).
A closer look at CRV’s key metrics offers intriguing insights. Notably, wallets housing between 10,000 to 100 million CRV have witnessed a substantial accumulation in recent times.
These major stakeholders have seen their holdings skyrocket from 33% of the total supply just a fortnight ago to an astonishing 41% at present. This significant surge marks the highest level of ownership for these investors in over a year.
The analysis of Curve’s top token transactions table revealed a fascinating pattern. Remarkably, three out of the six largest transactions recorded in 2023 all transpired on August 4th synchronously.
Whale activity has been so pronounced that over the past week, five transactions surpassing the $10 million mark have been spotted. Notably, two of these transactions were conducted between exchange addresses, possibly hinting at a degree of dumping despite the positive trends observed earlier.
While the influx of whale transactions valued at $100,000 or more had abated following the frenzy of two weeks ago when the price briefly plummeted to just above $0.50 before rebounding slightly, the current prices remain notably lower than their levels two weeks prior. This discrepancy could foreshadow a potential resurgence in whale transactions, possibly indicating a rapid recovery.
In a reassuring development, Santiment’s monitoring of Curve Finance’s development activity suggests a robust outlook. While the daily tally of notable GitHub submissions ranging between 10 to 14 may not break any records.
It underscores a team dedicated to innovation, enhancement, and overcoming the negative sentiments triggered by recent FUD-related news. The project seems intent on proving its resilience and determination to weather the storms that have threatened to undermine its progress.
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