The cryptocurrency Convex Finance (CVX) has experienced an unprecedented surge, skyrocketing over 100% in the last 24 hours.
Cryptocurrency Convex Finance (CVX) soared over 100% in 24 hours, with Binance seeing nearly $32 million in CVX/USDT trading volume.
On June 16, CVX experienced a massive surge, surging over 100% in 24 hours. The cryptocurrency soared to a high of $3.9 and is currently trading at $3.63, still up by an impressive 45%.
The CVX/USDT trading pair on Binance saw a substantial volume of nearly $32 million, setting a new daily record. At the same time, CVX perpetual contract trades on Bybit surged, reaching an impressive $120 million within the same 24-hour period.
According to CoinMarketCap, the CVX price fell slightly and is now valued at $3.63, still up overall by 45%. At the same time, the trading volume in the past 24 hours has reached an impressive $151 million.
The surprising CVX surge follows a statement by crypto investor CrediBULL Crypto detailing their experience with Convex Finance. They initially purchased CVX in 2021 at $5 and managed to recoup their total investment from the high bi-weekly APR incentives, which reached approximately 30%. These incentives scaled with the price, accelerating their return of principal.
As stated by crypto data, the total value locked (TVL) in Convex Finance’s decentralized finance (DeFi) protocol increased by 1% in the past 24 hours and now stands at $1.31 billion.
Without putting the liquidity on Curve Finance, Convex Finance allows liquidity providers on Curve Finance to stake the tokens on the platform and receive a portion of the trading fees in cvxCRV tokens.
According to Santiment’s data, the total open interest in CVX increased by 151% during the last day. This showcases how traders are attempting to profit in the short term from the asset’s abrupt movements by driving up price volatility.
Also, Santiment reports that the CVX relative strength index (RSI) increased from 34 to 70 during the previous day. The indicator shows that there may have been whale manipulation and that CVX is overbought.
News source：https://www.kdj.com/cryptocurrencies-news/articles/convex-finance-cvx-cryptocurrency-skyrockets-hours.html
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