Token

2024

Fantom

Foundation

<ul class="news-points">
 <li>SpotOnChain reports a whale linked to Fantom Foundation sold 357,000 CVX, causing a 5% price drop.</li>
 <li>CVX trades at $3.15, down 9.2% from its recent high.</li>
 <li>Convex Finance’s total value locked (TVL) slipped to $1.24 billion, down 1.59% from the previous day.</li>
</ul>
Convex Finance’s CVX token plunged 5% early Friday following a massive sell-off by a wallet linked to the Fantom Foundation, according to on-chain data from SpotOnChain.
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 A wallet linked to Fantom Foundation sold 357,108 <a href="https://twitter.com/search?q=%24CVX&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$CVX</a> for 1.15M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$USDT</a> in the past hour, causing the price to drop ~5%. Notably, this wallet spent $12M to buy 436K <a href="https://twitter.com/search?q=%24CVX&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$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" target="_blank" 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" target="_blank" rel="noopener noreferrer nofollow">June 28, 2024</a>
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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. As of press time, the token is trading at $3.15, a 9.2% decline from its recent intraday high of $3.44…
The post <a href="https://coinedition.com/convex-finances-cvx-token-plunges-after-major-sell-off-by-fantom-whale/" rel="noopener noreferrer nofollow">Convex Finance’s CVX Token Plunges After Major Sell-Off by Fantom Whale</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

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

Coin Edition

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