Curve DAO Token jumps more than 51% – what‘s behind the CRV price rise?
Curve dao token (CRV) – the native crypto of the Curve decentralised exchange (DEX) that only trades stablecoins and wrapped assets – has seen a massive amount of volatility over the last few days.
CRV jumped more than 51% at one point on Wednesday after seeing a major dip the previous day – the result of an apparent short attack, reportedly carried out on the decentralised finance (DeFi) Aave protocol.
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Curve dao token (CRV) to US dollar
So what happened with CRV?
On-chain analysts have detailed the attack over the last couple of days.
On 20 November 2022, Twitter user DefiMoon accused Avraham Eisenberg – a trader reported to have been involved in October’s Mango Markets attack – of having a $17m CRV short position.
Two days later, Lookonchain tweeted that another shorter had borrowed 20 million CRV ($9.9M) from Aave, before sending half of it to OKX exchange. Lookonchain said:
As of 23 November, Lookonchain then detailed the tug of war between CRV short and long traders the day before. He said on Twitter:
At the time of writing, CRV was trading at $0.62, up 51% in the past 24 hours.
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