- Convex Finance’s active addresses hit near a ten-month high on Monday, up 42% on the day.
- Curve’s yield amplifier extended gains by 26% on Monday, touching a high of $4.660.
- Over $722,000 in shorts were liquidated as CVX sees a short squeeze in the past 24 hours.
Convex Finance (CVX), the DeFi token, extends its rally to double-digit gains and raises 26% on Monday, as seen on Binance. Data from Coinglass shows large volume liquidation of short positions, to the tune of $722,000.
Colin Wu, cryptocurrency journalist and market analyst noted that CVX soared over 100% in the past 24 hours.
CVX extends double-digit gains on Monday
Colin Wu reported that Convex Finance, the yield optimizer for protocols like Curve Finance, has noted a massive spike in the value of its CVX token, rallying over 100% in the past 24 hours.
The DeFi token extended gains by 26% on Monday, as seen on Binance. The spot trading volume of the CVX/USDT pair reached nearly $32 million, a new high for intraday trade volume in the pair on Binance, on Sunday.
Data from derivatives tracker Coinglass shows that over $722,000 in short positions were liquidated in the past 24 hours. The massive liquidation of short positions is referred to as a “short squeeze” by Wu, in his recent tweet.
Wu also reported that the trading volume of CVX/USDT perpetual contracts reached a high of $120 million on Bybit.
Convex Finance Derivatives Data Analysis
Santiment data shows that CVX supply on exchanges is up to 4.83 million, an over 12% increase in June. A rise in supply on exchanges signals an increase in selling pressure, and CVX price could decline. It remains to be seen whether the DeFi token will sustain its gains.
 [14.13.43, 17 Jun, 2024]-638542145339206968.png)
CVX supply on exchanges vs. price
The asset’s active address count surged on Monday, alongside the increase in CVX price, as seen in the Santiment chart below. The 42% increase in active addresses supports the DeFi token’s recent gains.
 [14.17.17, 17 Jun, 2024]-638542145888338470.png)
CVX active addresses vs. price
CVX is trading at $3.983, at the time of writing.
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