A giant cryptocurrency whale came to the fore with its latest altcoin transaction.
Simultaneous with the Movement of the Whale Altcoin Price Rises
The whale in question transferred 1.11 million Curve DAO Token (CRV) tokens worth $1.18 million, which it held on Binance, to its own wallet. However, the same whale transferred a total of 5.5 million CRV tokens to its wallet in April.
Although it is not entirely clear what the whale intends with this transfer, the fact that whales transfer their coins from central exchanges to their own wallets in the crypto money market may usually mean that they do not plan to sell that coin yet. However, the whale account can transfer these coins to other exchanges or plan to generate income by staking.
CRV is an Ethereum-based token that powers the ecosystem of Curve.fi, a blockchain-based decentralized exchange that uses automated market maker (AMM) for liquidity management. CRV serves as a management token on the exchange and also offers rewards to liquidity providers.
Curve DAO Token (CRV) was founded in August 2020 by Michael Egorov, a Russian scientist with previous experience in the crypto world, as the co-founder and CTO of NuCypher, a project focused on building privacy-focused protocols and infrastructure.
*Not investment advice.