• 3.18 million Curve tokens were moved from the Binance exchange by a new wallet.
• CRV spiked by over 10% for the first time in over seven months.

Curve Finance [CRV] recently experienced a substantial token movement when millions of CRV tokens were transferred from a particular wallet. What was the nature of this transfer, and what implications might it hold for the price trend CRV?

Read Curve Finance’s [CRV] Price Prediction 2023-24

Curve Finance experiences massive exchange withdrawal

In a recent post by Lookonchain, it was noted that a new wallet, created more than 24 hours ago, initiated a transfer of 3.18 million Curve Finance tokens from Binance [BNB]. As of press time, these tokens were valued at over $1.4 million.

Additionally, data from Debank revealed that the tokens were not simply withdrawn but were instead transferred to another decentralized finance (DeFi) platform called Convex.

The significance of this move to Convex suggested that the wallet was likely seeking to capitalize on the enhanced rewards offered by the platform. Moreover, it eliminated the possibility of an immediate sell-off of the tokens.

CRV sees record spike

On 22 September, Curve Finance experienced a noteworthy surge in its price when examining the daily timeframe chart.

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Author: Adewale Olarinde

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