CRV Token spikes more than 30% in the past day after traders entered in the wrong market response to the news that PayPal will acquire crypto custodian Curv. But that wasn’t the case as we can see in our latest altcoin news.
Speculators rushed to invest in the CRV token of the Curve Finance protocol after reports emerged that PayPal acquired an unrelated Israel-based crypto custodian Curv. The news was reported on March 2 with the publications noting anonymous sources “familiar with the matter.” Israel-based Media reported the company could have been sold between $200 million and $300 million. An hour after the news emerged, Curve’s CRV token spikes by more than 10% with the opportunistic traders racing to enter the markets eventually pushing the price to $2.60.
The correct account for that is @curvmpc, not us
— Curve Finance (@CurveFinance) March 2, 2021
The official Twitter account of Curve was tagged mistakenly in plenty of posts that celebrated PayPal’s acquisition to which Curve responded to explain the confusion. CRV reversed the rally to give back some of its gains as traders realized their mistake. The resulting red candlestick was CRV’s biggest hourly candlestick since January 21. All publicity is good publicity as it seems despite the confusion as CRV bounced off the support at $2.20 and last changed hands for $2.60 to post a gain of 29% in the past 24 hours. CRV is now the best performing ETH-based asset according to the market data aggregator Messari.
This is not something that happens for the first time where traders rush in to purchase the wrong ticker. The confused traders rallied around the New York Stock Exchange-listed Tanzanian Gold Corporation with the ticker TRX after Justin Sun’s TRON was promoted to the traders in the WallStreetBets group also under the ticker TRX. The debacle saw daily trades in the Tanzanian Gold Corporations’ stock increase by 84 times on January 29 with an average daily volume of $584,000 shares to $49 million. The day saw TRX stocks rally to $1.90 before collapsing and marking a 15% loss.
Justin Sun was shilling his shite token TRX to the WSB subreddit but they bought the Tanzanian Gold Corp (which is the TRX stock) instead pic.twitter.com/Q5CW4znqai
— ∞ CO฿IE (@CryptoCobain) January 30, 2021
As reported recently, The data gathered by Ceteris Paribus, found that since 2021 started, the average Defi cap saw an increase of 75% which includes coins like Aave, Compound, and Sushi. One crypto-asset was kept out of this rally which is Curve’s DAO Token or CRV. The native token of the Curve decentralized exchange was barely in the lows and the narrative was formed that there were yield farmers that are actively farming and dumping CRV so the coin was suppressed for an extended period of time.
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