Recently, the Curve DAO (CRV) has seen a significant downtrend. However, on-chain data might suggest a potential rebound on the horizon. This article explores the underlying metrics related to CRV that might hint at its future price action.
Exploring the Metrics: Supply Distribution
The first key metric to consider is the ‘Supply Distribution.’ This metric reveals the proportion of Curve DAO supply held by different investor groups. The group in focus here holds between 10,000 and 100 million tokens of the asset, a range that includes both sharks and whales.
A recent surge in this metric value suggests that major Curve DAO investors, known as sharks and whales, have significantly increased their holdings. Just two weeks ago, these investors held about 33% of the circulating supply. Today, that figure has jumped to 41%. This surge is the largest these investor groups have seen in over a year.
Whale Transaction Count: Another Indicator to Watch
The next metric of interest is the ‘whale transaction count,’ which monitors the total number of CRV transfers exceeding $100,000 in value. This metric spiked when Curve DAO experienced its recent plunge, indicating active whale activity at that time. However, it has since returned to normal levels, suggesting that these large-scale investors are not currently displaying any unusual activity.
The calming of this metric could mean that the whales have ceased their selling pressure. With the current prices significantly lower than they were two weeks ago, a subsequent spike in whale transactions might hint at a swift recovery.
Development Activity: A Positive Sign?
One positive sign for Curve DAO is its high development activity. This metric measures the amount of work that the Curve DAO developers have been putting into the public GitHub repository. High development activity is a good sign that the coin still has the backing of its developers, and that the project is still active and vibrant.
While the daily GitHub submissions are not record-breaking, they indicate a team that is still keen to innovate and improve, and to move beyond recent negative news that has impacted public perception.
In terms of price, Curve DAO is currently trading around $0.59, down 3% in the last week. However, the on-chain data hints that the Curve DAO (CRV) Recover may be on the cards.
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