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Highlights
- CRV price eyes strong rally to $2 as Curve Finance founder does a $1.2 million buyback.
- The launch of Ethena's USDtb stablecoin, supported by BlackRock's BUIDL, underscores Curve Finance's position as a key DeFi platform.
- Market analysts predict brief consolidation before a potential CRV breakout to higher levels
The Curve DAO Token appears to be gearing up for a major rally as Curve Finance Founder Michael Egorov has recently bought $1.2 million of CRV tokens. The CRV price is holding firm at $1.10 and could be eyeing a rally to $2 and beyond, according to market experts. Furthermore, the demand for Curve DEX grows as Ethena launches the USDtb stablecoin.
CRV Price Rally to $2 Soon Amid Key Developments
After a staggering 200% gain over the last month, the CRV price has been consolidating at $1.1 levels over the past week. However, the recent purchases by Curve Finance founder could provide an additional boost to the altcoin leading to the next leg of the mega rally.
Curve Finance founder Michael Egorov has made a significant CRV buyback, purchasing 1.08 million CRV tokens worth approximately $1.2 million at an average price of $1.114, according to blockchain tracker Spot On Chain.
This marks Egorov’s first major CRV purchase since the liquidation event on June 13, signaling renewed confidence in the token. The buyback comes as just as CRV price faced some pullback to $1.0 in the past 24 hours, reflecting market volatility.
The $1 million investment by the founder himself signals strong confidence in CRV’s potential for growth. Crypto market analysts are confident that as Bitcoin price hits new all-time highs, capital will rotate back into altcoins like CRV setting the stage for a strong surge. Some market analysts believe that CRV will undergo a period of brief accumulation before it gives a breakout to higher levels such as $5.
If it can form a range here in order to re-accumulate before the next leg up, I would be interested to look for longs!
No range > no trade pic.twitter.com/qo9kNzLOXj
— Jip Molenaar (@tradingjip) December 16, 2024
Curve Finance Infrastructure Demand Grows
On Monday, the Ethena protocol launched the USDtb stablecoin in collaboration with Securitize and supported by BlackRock’s BUIDL. This new stablecoin will integrate into the decentralized exchange Curve Finance.
This partnership highlights Curve’s role as a trusted platform for asset issuers, bridging Traditional Finance (TradFi) and Decentralized Finance (DeFi) while reinforcing its position as a cornerstone of the DeFi ecosystem. Besides, the Ethena price is also seeing strong momentum as the USDe synthetic dollar hits $6 billion market cap.
Curve’s AMM infrastructure has already facilitated significant liquidity for Ethena’s stablecoins, with approximately $196 million in USDe and $20 million in sUSDe currently held in Curve pools. Building on this momentum, two new Curve pools—USDC/USDtb and USDe/USDtb—have been launched to support USDtb’s December debut.
As of press time, the CRV price is trading 0.44% up at $1.10 with its market cap at $1.37 billion. As per the Coinglass data, the CRV open interest surged 2.3% at $259 million.
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