Whale Accumulates Curve Tokens Amid Market Lull
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Blockchain data suggests that quantitative investment firm Manifold has quietly accumulated a sizable amount of Curve Finance's native token, CRV.
A wallet believed to be tied to the firm recently transferred $2 million in USDC to Binance and swiftly withdrew 3.14 million CRV tokens — indicating an average purchase price of around $0.63 per token.
Despite the buy-in, CRV is currently trading at $0.58, slightly below Manifold’s estimated entry point.
The token’s market capitalization now stands at $795 million, far from its January 2022 peak of $2.39 billion when it traded at $5.34.
Due to token inflation, analysts estimate that CRV would need to hit at least $1.79 to reclaim a comparable market cap high.
While Curve continues to face headwinds, the move by Manifold signals potential long-term confidence in the protocol, even as the broader DeFi sector remains under pressure.
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