The value of Convex Finance’s token, CVX, has experienced a remarkable surge in the last 24 hours, prompting traders to speculate on a potential decline. CVX has skyrocketed by 100% during this period and is currently trading at $4.28. This price level has not been seen since late March when the overall crypto market witnessed a brief bullish trend.
The market capitalization of CVX has also seen a significant increase, reaching $415 million, positioning it as the 155th largest digital currency. The daily trading volume has surged by a staggering 2,800%, hitting the $150 million mark.
Data indicates that the total value locked (TVL) in Convex Finance’s decentralized finance (defi) protocol has risen by 1% in the past day, now standing at $1.31 billion. This platform enables liquidity providers on Curve Finance to stake their tokens and earn cvxCRV tokens without having to provide liquidity on Curve Finance directly.
Santiment’s data reveals that the total open interest in CVX has spiked by 151% within the last 24 hours, signaling traders’ attempts to capitalize on the asset’s sudden movements and resulting in heightened price volatility. Additionally, the aggregated funding rate for CVX has dropped from 0.01% to negative 0.17%, indicating that traders are currently anticipating a decline in CVX’s price.
The relative strength index (RSI) for CVX has surged from 34 to 70 in the past day, suggesting that the token may be overbought and potentially subject to manipulation by large investors. As a result, CVX is currently experiencing significant volatility with fluctuations in both open interest and RSI.
In related news, blockchain startups have recently secured $109.3 million in major funding rounds, further highlighting the growing interest and investment in the crypto space.