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<a href="https://bitcoinworld.co.in/convex-finances-cvx-token-price-plunges-after-major-sell-off-by-fantom-whale/" title="Convex Finance’s CVX Token Price Plunges After Major Sell-Off by Fantom Whale" rel="noopener noreferrer nofollow"></a>
<ul>
 <li style="font-weight: 400">SpotOnChain <a href="https://twitter.com/spotonchain/status/1806609950329991203" rel="noopener noreferrer nofollow">reports</a> a whale linked to <a href="https://bitcoinworld.co.in/fantom-foundation-launches-6-5-million-prize-pool-to-incentivize-safer-meme-coins/" rel="noopener noreferrer nofollow">Fantom Foundation</a> sold 357,000 CVX, causing a 5% price drop.</li>
 <li style="font-weight: 400">CVX trades at $3.15, down 9.2% from its recent high.</li>
 <li style="font-weight: 400">Convex Finance’s total value locked (TVL) slipped to $1.24 billion, down 1.59% from the previous day.</li>
</ul>
Convex Finance’s CVX token plunged 5% early Friday following a massive sell-off by a wallet linked to the Fantom Foundation, according to on-chain data from SpotOnChain.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 A wallet linked to Fantom Foundation sold 357,108 <a href="https://twitter.com/search?q=%24CVX&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$CVX</a> for 1.15M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDT</a> in the past hour, causing the price to drop ~5%.
 Notably, this wallet spent $12M to buy 436K <a href="https://twitter.com/search?q=%24CVX&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$CVX</a> 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… <a href="https://t.co/DjX6Moavny" rel="noopener noreferrer nofollow">pic.twitter.com/DjX6Moavny</a>
 — Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1806609950329991203?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 28, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The transaction, which involved over 357,000 CVX tokens worth $1.15 million, triggered a wave of selling pressure and wiped out recent gains for the cryptocurrency.
Early Friday morning, CVX experienced a price decrease and increased selling pressure following news of the whale transaction.&nbsp;
As of press time, the token is trading at $3.15, a 9.2% decline from its recent intraday high of $3.44.&nbsp;
CVX’s intraday trading volume has also fallen by 14% to $42 million. Although CVX has risen in the past two weeks, this sudden slip has erased gains over the last 7 days.
SpotOnChain data reveals that a wallet linked to the Fantom Foundation sold over 357,000 CVX tokens on June 28, creating significant downward pressure on the cryptocurrency.&nbsp;
According to the on-chain data provider, the wallet sold 357,108 CVX for $1.15 million USDT early this morning.
In June 2022, the same wallet purchased $12 million (436,000) of CVX tokens at around $28 per token.&nbsp;
The analytics platform reports that this wallet has been selling these tokens at an average price of $3.38 over the past two years.&nbsp;
Over that period, the whale’s sales amounted to approximately $1.39 million, representing a total loss of $10.7 million (-87.8%).
Following CVX’s price fall close to the $3.00 support level, Convex Finance’s total value locked (TVL) also declined.&nbsp;
Data from DefiLlama indicates that CVX’s TVL for decentralized exchange (DEX) and automated maker-making protocols is currently $1.24 billion, down 1.59% from yesterday’s $1.26 billion.&nbsp;
Before the recent downturn in the broader cryptocurrency market, CVX’s TVL stood at over $1.57 billion earlier this month.

Convex Finance’s CVX Token Price Plunges After Major Sell-Off by Fantom Whale

ItsBitcoinWorld

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