Curve Yield Amplifier Convex $CVX Price Action To Watch

The Curve yield amplifier, Convex ($CVX), has experienced a remarkable surge, soaring more than 100% in the past 24 hours.

After a period of significant losses, a large portion of Convex (CVX) holders are finally seeing their holdings turn green. According to data from IntoTheBlock, 36% of CVX addresses are now in profit.

This is a dramatic shift from last week, when 99% of CVX holders were at a loss. The turnaround is likely due to the recent surge in CVX price, which soared more than 100% in the past 24 hours.

The price surge followed the unanimous approval by the Convex Finance DAO to transition fees to crvUSD. This move is expected to boost demand for CVX, as it will now be used to generate yield on crvUSD stablecoin deposits.

Currently, 36% of addresses are in profit. These addresses hold over 90% of the $CVX supply, which showcases how nearly the entire supply is now in the green.

This surge in CVX is likely due to the approval by the Convex Finance DAO to transition fees to crvUSD. This move is anticipated to increase the appeal of CVX, as it will be used to generate yield on crvUSD stablecoin deposits.

As a result of this development, a closer examination of CVX price action is warranted in the upcoming days.

Disclosure: This is not trading or investment advice. Always conduct thorough research before purchasing any cryptocurrency or investing in any services.

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News source：https://www.kdj.com/cryptocurrencies-news/articles/curve-yield-amplifier-convex-cvx-price-action-watch.html

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