Analysis: CVX Surges Over 40% Due to Manipulation, Bot Wallets Continuously Buying to Drive Up Price

BlockBeats News, January 5th, DeFi analyst @lordjorx stated that the over 40% price surge of CVX (Convex Finance) was a result of manipulation, driven almost entirely by two specific whale wallets that kept buying to boost the price. Two addresses in the Top 100 holders took advantage of this surge to "exit," selling 25% and 34% of their holdings, respectively. The wallets behind the pump-and-dump scheme are now emptied or have transferred the funds.

Analyst @lordjorx further mentioned that while he is fundamentally bullish on the Curve Finance and Convex Finance ecosystem, users should also recognize the "game nature" of the space and avoid falling into the "liquidity exit" trap. Users are advised to stay vigilant and verify on-chain data.