DeFi token CRV spikes after reports PayPal acquired unrelated custody firm Curv

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Excitable speculators mistakenly rushed to spend money on the native token of decentralized finance protocol Curve Finance (CRV) after studies emerged that funds big PayPal has acquired the unrelated Israel-based crypto custody agency, Curv.

Information of PayPal’s Curv acquisition was reported on March 2, with the publications citing nameless sources “aware of the matter.” Israel-based media has reported the corporate could have been bought for between $200 million and $300 million.

Inside an hour of the information breaking, Curve’s CRV token had rallied by greater than 10% as opportunistic merchants raced one another to enter the markets — pushing costs up from roughly $2.30 to $2.60.

The official Twitter account of Curve has additionally been mistakenly tagged in quite a few posts celebrating PayPal’s acquisition, to which Curve has responded in a bid to dispel the confusion:

CRV shortly reversed the rally to provide again all of its beneficial properties as merchants realized their mistake. The ensuing purple candlestick was CRV’s largest hourly candlestick by commerce quantity since Jan. 21.

Nonetheless, all publicity is sweet publicity and regardless of the confusion, CRV has since bounced off assist at $2.20, and final modified fingers for $2.60 to submit a achieve of 29% over the previous 24 hours. As such, CRV presently ranks as at the moment’s best-performing Ethereum-based asset, in keeping with market information aggregator Messari.

CRV/USDT, hourly chart since Jan. 14: TradingView

This isn’t the primary time fools have rushed in to purchase the mistaken ticker. In January, confused merchants rallied across the New York Inventory Change-listed Tanzanian Gold Company (TRX) after Justin Solar’s Tron cryptocurrency (additionally TRX) was promoted to merchants within the infamous r/WallStreetBets group.

The debacle noticed day by day commerce in Tanzanian Gold Company’s inventory improve by almost 84 instances on Jan. 29, spiking from a mean day by day quantity of 584,000 shares to 49 million. The day noticed TRX inventory costs rally from $0.85 to greater than $1.90, earlier than collapsing to shut the day at a roughly 15% loss.