There was an extreme surge in the price of CRV tokens after excited speculators decided to invest in it following news of PayPal’s acquisition of Curv. Interestingly, the acquisition of this decentralized financial protocol should have had no impact on CRV, but investors believed that this was due to CRV being a native token of Curv.
CRV Tokens Received Attention Early Before Traders Realized Their Mistake
Most publications have mentioned that the acquisition of Curv by PayPal took place on the 2nd of March, as they cited several sources who were said to be pretty close to the matter at hand. A media company from Israel reported that this protocol might have been sold to PayPal for somewhere between $200 million and $300 million.
After the news broke throughout the world, the CRV token saw a rally by about 10% with each opportunistic trader racing to reach the finish line fast. This pushed up the price of the token from $2.30 to $2.60. Hilariously, Curve’s Twitter account has also been targeted by quite a few posts which were celebrating the acquisition of PayPal. And this has been so confusing that the company themselves had to respond in order to dispel this entire confusion.
When most of the traders realized their mistakes, CRV went ahead and reversed the entire rally to give back its gains. This red candlestick that came to being was the largest hourly candlestick for the company since the 21st of January.
Nonetheless, it goes without saying that all publicity is good publicity. The entire debacle has allowed CRV to bounce off the support of around $2.20 after it changed its hands to reach $2.60. This allowed them to post a 29% gain in the last 24 hours. According to Messari, this token has been ranking as the best asset under Ethereum.
