, which have their own stablecoins failed to match CRV’s run despite recording a 5.69% and 4.25% increase, respectively.
Before now, CRV had found it challenging to increase substantially after ending June at around $0.66. Despite its struggles, the CRV price increased to $1 on 14 July. Its current trading price of $1.45 confirms that the stablecoin development had a massive impact on its price movement.Despite the run, CRV remains far apart from its all-time high of $60.50 which was achieved in 2020. Having failed to reach those heights again in 2021, is 2022 the year for CRV’s investors to rejoice?One important thing to consider with this CRV update is its status on the DeFi Total Value Locked .
Others, including Lido, Compound, and MakerDAO, have retained their previous positions even with their 24-hour gains. However, data from CryptoQuant suggests that CRV traders have profited from the price increase.At press time, it was $92,624,386. With this, short-term traders could have made significant gains from the move. Still, the selling pressure had not significantly affected the CRV price as it maintained a reasonable price.
Overall, it has been a good thirty days for CRV as the token price increase within that period is about 92%. Santiment alsoAs the CRV rally continues, investors who believe in the DeFi coin would assume its stablecoin launch will make it perform better. Whether it would be a reality or not, the outcome is in the hands of the CRV team and its community.Subscribe to get it daily in your inbox.
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Source: CryptoAmb - 🏆 22. / 68 Read more »