Convex Finance (CVX) has experienced a remarkable price surge, increasing by over 100% within 24 hours. This has been synchronized with the Record Trading Volumes across the world’s top cryptocurrency trading platforms.
On June 16, the post of crypto analyst Wu Blockchain, CVX/USDT spot trading had a new daily record trading volume of nearly $32 million on Binance. Bybit also recorded significant activity, with CVX USDT perpetual contract trading volume hitting $120 million.
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First bought $CVX in 2021 at around $5.
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Over the next year or so I would completely recoup my principle via the “bribes” or incentives that are paid out to holders every two weeks.
The ~30% APR I was earning at the time scales with price- so I ended up recouping my investment… https://t.co/or2PYeY4f6
— CrediBULL Crypto (@CredibleCrypto) June 16, 2024
This surge in CVX’s price follows insights from crypto investor CrediBULL Crypto, who shared their journey with Convex Finance. The said investor began to acquire the CVX in early 2021 at roughly $5. Thanks to the bi-weekly “bribes or incentives’ represented by high APR, which has attracted people to start staking in CVX as the holders are rewarded bi-weekly, Many CVX holders have been able to recover their initial investment within a year. These incentives offered practically 30% APR and increased with it as the price rose, allowing the investor to get back the funded amount in a shorter time than calculated.
Curve yield amplifier Convex CVX has soared more than 100% in the past 24 hours. On June 16, Binance CVX/USDT spot trading volume reached nearly $32 million, setting a new record for a single day. In the past 24 hours, Bybit CVX USDT perpetual contract trading volume reached $120…
— Wu Blockchain (@WuBlockchain) June 17, 2024
Although already having gone high up to $60, CVX had a decrease and settled at $2; thus, taking advantage of this situation, the investor decided to triple his position in the company and bought it at $ 2 to achieve the targeted position. Since the APR is still approximately 25%, the investor hopes to recoup their investment within the next five calendar years while holding much more of it as they patiently await higher new record highs to reap future gains.
Renewed Interest in Convex Finance Amidst DeFi Growth
Long-term investors’ trading activity and opinion towards Convex Finance demonstrate interest in the digital asset. The advancement comes when increasing emphasis is on yield amplifiers and DeFi platforms.
Convex Finance (CVX) currently trades at $4.03, with a 24-hour trading volume of $174,861,508.83. The digital asset has increased 82.40% in the last 24 hours and 68.87% over the past seven days. The rising price of CVX and trading volume signal the community’s desire to invest more in DeFi solutions. New-generation platforms like Convex Finance can benefit genuine investors seeking significant returns. This increasing attention on DeFi is evident, as this sector can revolutionize the present financial services businesses and deliver yield-generation options.
Convex Finance’s recent performance reflects a broader trend within the cryptocurrency market, emphasizing the importance of DeFi platforms. CVX’s potential for future growth remains strong as it attracts significant trading volumes and investor interest.
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Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.