Convex Finance (CVX) drops sharply as whale dumps token

June 28, 2024 03:02 AM PDT | By Invezz

Convex Finance (CVX) drops sharply as whale dumps token — Image source: Invezz

Whale dumps CVX tokens

According to Spot On Chain, a wallet linked to the Fantom Foundation dumped more than 357K Convex Finance tokens on June 28.

The action resulted in the huge downside pressure that had CVX tokens dropping from highs reached in early Asian trading hours.

Per the on-chain insights platform, the said Fantom Foundation wallet sold 357,108 Convex Finance (CVX) tokens for $1.15 million in USDT.

Notably, the wallet used $12 million in March 2022 to buy 436,000 CVX at approximately $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 the average price of only $3.38.

That translates to about $1.49 million total sale, which Spot On Chain says is equivalent to a total loss of $10.7 million, or -87.8% for the whale.

A wallet linked to Fantom Foundation sold 357,108 $CVX for 1.15M $USDT in the past hour, causing the price to drop ~5%.

Notably, this wallet spent $12M to buy 436K $CVX at ~$28 in Mar 2022 and then sold the tokens over the past 2 years at only ~$3.38 ($1.49M).

That is a loss of… pic.twitter.com/DjX6Moavny — Spot On Chain (@spotonchain) June 28, 2024

Convex Finance TVL drops

As the price of CVX dropped to support levels near $3.00, Convex Finance also witnessed a slight dip in the total value locked (TVL).

Data shows that decentralized exchange (DEX) and automated market maker protocol’s TVL is currently at $1.24 billion, down from $1.26 billion a day earlier.

Convex Finance TVL stood at over $1.57 billion at the start of June, which means the market struggles over the past month for crypto has had an impact.

At its peak in June 2022, the TVL of Convex, a yield protocol whose competitors include Pendle (PENDLE), was over $20 billion.

The post Convex Finance (CVX) drops sharply as whale dumps token appeared first on Invezz

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