Curve (CRV) Price Plummets 28% Despite Trident Digital’s Boost
Curve Records a 28% Decline Despite Rising TVL: What’s Behind It?
Despite a continuous increase in Total Value Locked (TVL), the cryptocurrency Curve (CRV) experienced a price drop of 28% in 2024. What is the reason for this development?
Curve’s Development in 2024
Curve Finance, the native protocol of CRV, saw a double-digit increase in its TVL since the beginning of the year. This increase is remarkable as it occurred long after the protocol’s TVL plummeted to a two-year low following the Reentrancy hack in July 2023.
After the hack, Curve’s TVL crashed to its lowest level since January 2021. As the decline in TVL continued, Curve lost its place among the top ten decentralized finance protocols (DeFi), measured by TVL.
The Current Situation of Curve
At the time of reporting, Curve’s TVL stood at $2.12 billion, representing a 16% increase since the beginning of the year. This increase is partly due to the activities of crypto solution provider Trident Digital, which set up a liquidity pool on Curve Finance as part of its efforts to increase the liquidity and usage of PayPal’s stable currency PYUSD on DeFi platforms.
The monthly number of active addresses on the protocol has increased by 15% in the last 30 days. Since the start of 2024, Curve has recorded an active user count of 13,611. Due to the increase in user numbers, transaction fees have also risen. Data shows that Curve has recorded $1.5 million in fees since the beginning of the year, representing a growth of 7% in the last 30 days.
Traders Avoid CRV
The value of Curve’s native token, CRV, has dropped since the beginning of the year. At the time of reporting, the token stood at $0.43, representing a 28% decline since the beginning of the year.
An assessment of the token’s daily price movements shows that demand for it has significantly decreased. At the time of reporting, the Relative Strength Index (RSI) and the Money Flow Index (MFI) stood at 31.54 and 13.21 respectively, indicating that sell pressure significantly exceeds token accumulation.
Conclusion
Despite the increase in TVL and active user numbers, the price of the CRV token has seen a significant decline since the beginning of the year. This suggests that despite the positive developments in the protocol, traders are avoiding the token. It remains to be seen how the situation will develop in the future.
Sources: DefiLlama, Token Terminal, CoinMarketCap, TradingView.
The 3 best crypto casinos
| Wagering requirements | 35x bonus |
| 35x free spins winnings | |
| Minimum deposit | €20 |
| Maximum bet | €5 |
| Bonus validity | 14 days for deposit bonus |
| 7 days for free spins |
- There is no maximum bonus amount.
- 10 Free Spins per day over ten (10) days on Gates of Olympus or Book of Ra Deluxe.
| Wagering requirements | 40x deposit + bonus |
| 40x free spins winnings | |
| Minimum deposit | 0.00034 BTC or equivalent |
| Maximum bet | 0.00003 BTC or equivalent |
| Bonus validity | 30 days to claim |
| 14 days to wager |
- Minimum deposit: 0.048 BCH • 0.0068 ETH • 0.26 LTC • 154 DOGE • 20 USDT • 40 XRP • 180 TRX • 48 ADA • 0.04 BNB • 20 BUSD • 20 USDC.
- Maximum bet per round: 0.005 BCH • 0.0007 ETH • 0.03 LTC • 15 DOGE • 2 USDT • 4 XRP • 19 TRX • 4.8 ADA • 0.004 BNB • 2 BUSD • 2 USDC.
- Free spins are credited on “Max Miner” by Gamebeat, 20/25 free spins per a day.
| Wagering requirements | 40x bonus |
| Minimum deposit | 0,1 mBTC |
| Maximum bet | $5 per spin |
| Bonus validity | 7 days to wager |
- There is no cap on winnings or withdrawals.
Advertising transparency