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Convex Finance’s CVX Token Plunges After Major Sell-Off by Fantom Whale

Convex Finance’s CVX Token Plunges After Major Sell-Off by Fantom Whale

CoineditionCoinedition2024/06/29 00:49
By:Ebiseyei Badei
  • SpotOnChain reports a whale linked to Fantom Foundation sold 357,000 CVX, causing a 5% price drop.
  • CVX trades at $3.15, down 9.2% from its recent high.
  • Convex Finance’s total value locked (TVL) slipped to $1.24 billion, down 1.59% from the previous day.

Convex Finance’s CVX token plunged 5% early Friday following a massive sell-off by a wallet linked to the Fantom Foundation, according to on-chain data from SpotOnChain.

The transaction, which involved over 357,000 CVX tokens worth $1.15 million, triggered a wave of selling pressure and wiped out recent gains for the cryptocurrency.

Early Friday morning, CVX experienced a price decrease and increased selling pressure following news of the whale transaction. As of press time, the token is trading at $3.15, a 9.2% decline from its recent intraday high of $3.44. CVX’s intraday trading volume has also fallen by 14% to $42 million. Although CVX has risen in the past two weeks, this sudden slip has erased gains over the last 7 days.

SpotOnChain data reveals that a wallet linked to the Fantom Foundation sold over 357,000 CVX tokens on June 28, creating significant downward pressure on the cryptocurrency. According to the on-chain data provider, the wallet sold 357,108 CVX for $1.15 million USDT early this morning.

In June 2022, the same wallet purchased $12 million (436,000) of CVX tokens at around $28 per token. The analytics platform reports that this wallet has been selling these tokens at an average price of $3.38 over the past two years. Over that period, the whale’s sales amounted to approximately $1.39 million, representing a total loss of $10.7 million (-87.8%).

Following CVX’s price fall close to the $3.00 support level, Convex Finance’s total value locked (TVL) also declined. Data from DefiLlama indicates that CVX’s TVL for decentralized exchange (DEX) and automated maker-making protocols is currently $1.24 billion, down 1.59% from yesterday’s $1.26 billion. Before the recent downturn in the broader cryptocurrency market, CVX’s TVL stood at over $1.57 billion earlier this month.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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