The crypto whale known as “convexcuck.eth” has made waves in the DeFi world, spending $2 million to acquire 709,961 $CVX tokens just 11 hours before the token’s price skyrocketed by 61%.
This strategic move marks the whale’s return to Convex Finance after a hiatus of over a year.
Between July 2021 and March 2022, the whale actively traded $CVX, earning a massive $20.2 million profit with a 129% return on a 1.098 million $CVX trade.
After 1.67 years of inactivity, “convexcuck.eth” resumed $CVX trading on November 8, purchasing 1.9 million tokens for $4.37 million at an average price of $2.297 per token.
As of now, the whale holds an unrealized profit of $595,000, a 13.6% increase on this investment.
Whale "convexcuck.eth" spent $2M to buy 709,961 $CVX 11 hours ago, just before the price soared by up to 61% today!
Between July 2021 and March 2022, this whale traded 1.098M $CVX, earning a $20.2M profit (+129%) from that first trade.
After 1.67 years of inactivity with $CVX,… pic.twitter.com/todg0Z9HAx
— Spot On Chain (@spotonchain) November 20, 2024
Convex Finance, the protocol behind $CVX, plays a pivotal role in the decentralized finance ecosystem. With a Total Value Locked (TVL) of $1.1 billion, it offers enhanced staking rewards through its Boosted Staking feature. Convex supports key DeFi protocols like Curve Finance, Frax Finance, Prisma Finance, and Protocol FX, making it a vital hub for liquidity providers seeking optimized yields.
This latest purchase by “convexcuck.eth” reflects the growing confidence in Convex Finance’s ecosystem and its potential for continued growth. The whale’s strategic timing—buying before a major price rally—highlights their expertise in navigating the volatile DeFi landscape.
As $CVX continues to gain traction, the actions of prominent investors like “convexcuck.eth” demonstrate the ongoing allure of DeFi protocols that offer innovative solutions and competitive rewards for the crypto community. The surge in $CVX may signal a renewed wave of interest in Convex Finance and its ecosystem.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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