DeFi
Convex Finance (CVX) Skyrockets 100% in 24 Hours
The Convex Finance (CVX) cryptocurrency has seen an unprecedented surge, surging over 100% in the past 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 high. Simultaneously, CVX trading on Bybit’s perpetual contract market surged, with volumes reaching a staggering $120 million during the same 24-hour period.
CVX Price, Source: CoinMarketCap
According to CoinMarketCap, the price of CVX has fallen and is currently valued at $3.63, still representing an overall rise of 45%. Moreover, the current market capitalization reaches $355 million.
Next to a statement by crypto investor CrediBULL Crypto, detailing his experience with Convex Finance, CVX surged. They initially purchased CVX in 2021 at $5, recouping their investment within a year thanks to the high bi-weekly APR incentives, reaching around 30%. These incentives evolved according to price, thus accelerating the repayment of capital.
According to dataThe total value locked (TVL) in Convex Finance’s decentralized finance (DeFi) protocol increased by 1% over the last day and currently stands at $1.31 billion.
Without putting liquidity on Curve Finance, Convex Finance allows Curve Finance liquidity providers to stake the tokens on the platform and receive a portion of the trading fees in cvxCRV tokens.
Data from Santiment indicates that over the last day there has been a 151% increase in total open interest in CVX. This demonstrates how traders increase price volatility by attempting to profit in the short term from sudden asset movements.
According to Santiment, the day before, CVX’s relative strength index (RSI) rose from 34 to 70. The indicator shows that there may have been whale manipulation and that CVX is overbought.
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