The cryptocurrency Convex Finance (CVX) has experienced an unprecedented surge, skyrocketing over 100% in the last 24 hours.
On June 16, the CVX/USDT trading pair on Binance saw a substantial trading volume of nearly $32 million, marking a new daily record. Simultaneously, the trading of CVX on the perpetual contracts market of Bybit surged, with volumes reaching an impressive $120 million within the same 24-hour period.
As per CoinMarketCap, the CVX price has fallen and is currently valued at $3.63, which is still overall a 45% rise. In addition, the current market cap is reached at $355 million.
Following a statement by crypto investor CrediBULL Crypto, detailing their experience with Convex Finance, CVX surged. They initially bought CVX in 2021 at $5, recouping their investment within a year from high bi-weekly APR incentives, reaching approximately 30%. These incentives scaled with the price, accelerating their return of principal.
According to data, the total value locked (TVL) in the decentralized finance (DeFi) protocol of Convex Finance increased by 1% in the last day and is presently at $1.31 billion.
Without putting the liquidity on Curve Finance, Convex Finance enables liquidity providers on Curve Finance to stake the tokens on the platform and receive a portion of the trading fees in cvxCRV tokens.
Santiment’s data indicates that during the last day, there was a 151% increase in the total open interest in CVX. This demonstrates how traders are driving up price volatility by attempting to profit in the short term from the asset’s abrupt movements.
According to Santiment, during the previous day, the CVX relative strength index (RSI) increased from 34 to 70. The indicator shows that there may have been whale manipulation and that CVX is overbought.
Also Read: CRV Token Surges 15% Post Burn Proposal Amid Market Recovery
