Curve Finance (CRV) User Base Doubled in 2024, Will the Token Reverse Its Recent Losses?

Curve Finance (CRV) saw a surge in users and total value locked (TVL) in 2024, contributing to the nearly 500% gains logged by its native token during its November pump.

According to an exclusive 2024 report shared with AMBCrypto, the decentralized exchange (DEX) saw its unique users grow from 30k in 2023 to 60k in 2024 – A whopping 105% increase on a YoY (year-on-year) basis.

The TVL also soared from $1.7B in early November to $2.4B in early January. This indicated improved trust and investor confidence in the DEX as more capital was locked in its smart contracts.

The report cited new product features and institutional interest as key drivers of the user base.

In fact, in late November, BlackRock chose Curve for liquidity and trading of its tokenized asset BUIDL. This indicated institutional interest in the DEX, which has also been evident on the CRV price charts.

CRV’s gains from the November pump were still holding up at press time, despite the weak market sentiment. CRV still held about 280% of the gains logged during the November pump. The recent pullback eased at the demand zone of $0.6-$0.7 (cyan), and the price action chalked a triangle pattern.

A bullish breakout from the pattern could make the $1.5 target feasible. However, a bearish breakout could erase more November gains and push the price to $0.26.

That being said, the weak sentiment and negative 30-day MVRV (Market Value to Realized Value) suggested that CRV was relatively cheap at its press time price.

The 30-day MVRV was down 10% while the 60-day MVRV was positive at 12%. This indicated that those who bought the coin in the past one and two months had, on average, an unrealized loss of 10% and a profit of 12%, respectively.