Convex Finance (CVX) price saw a sharp decline on Friday morning as selling pressure increased amid a significant pullback from a whale.
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Data from CoinGecko showed CVX price at $3.15 at the time of writing, down sharply from the intraday highs of $3.44 reached a few hours earlier.
While the cryptocurrency is still trading up about 53% over the 14-day period, its price decline has nearly erased last week’s gains after CVX fell 5%.
Convex Finance’s trading volume has also declined, falling more than 30% as of this writing to around $47 million. Meanwhile, the market capitalization has fallen to $290 million.
Whale scarica i token CVX
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According to Spot On Chain, a wallet linked to the Fantom Foundation downloaded more than 357,000 Convex Finance tokens on June 28.
The action caused enormous downward pressure that sent CVX tokens down from the highs reached in early Asian trading hours.
According to the on-chain insights platform, the aforementioned Fantom Foundation wallet sold 357,108 Convex Finance (CVX) tokens for $1.15 million in USDT.
Specifically, in March 2022, the wallet used $12 million to purchase 436,000 CVX at around $28 per token. This wallet, which was one of the whales in the CVX market, has sold these tokens over the past two years at an average price of just $3.38.
This translates to a total sale of approximately $1.49 million, which according to Spot On Chain equates to a total loss of $10.7 million, or -87.8% for the whale.
The convex financial TVL decreases
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As CVX price dropped to support levels near $3.00, Convex Finance also witnessed a slight decline in total value locked (TVL).
Data shows that the decentralized exchange (DEX) protocol and automated market makers’ TVL currently stands at $1.24 billion, down from $1.26 billion the previous day.
As of early June, Convex Finance’s TVL was over $1.57 billion, which means the market turmoil over the past month for cryptocurrencies has had an impact.
At its peak in June 2022, the TVL of Convex, a yield protocol whose competitors include Pendle (PENDLE), exceeded $20 billion.
This article was translated from English with the help of AI tools, and subsequently proofread by a local translator.
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