Credible Crypto Leans Bullish on Curve DAO (CRV) Targeting a 1840% Upside

A widely followed analyst and trader is leaning bullish on a decentralized finance (DeFi) project built in the Ethereum (ETH) ecosystem.

A widely followed analyst and trader is feeling bullish on a decentralized finance (DeFi) project built in the Ethereum (ETH) ecosystem.

Analyst and trader, who is known on X (formerly Twitter) as Credible Crypto, says it is “only logical” for the native token of the DeFi altcoin Curve DAO (CRV) to hit a new all-time high against Bitcoin (BTC) before the cycle ends.

According to the analyst, CRV could surge by around 1,840% from the current level to reach a price of 0.00015 BTC.

CRV is currently trading at 0.00000773 BTC ($0.739).

Credible Crypto says his bullish thesis for the Ethereum-based DeFi project, which is focused on the trading of stablecoins, is largely based on the improvement in fundamentals since CRV last hit an all-time high against Bitcoin in 2021.

“Well, aside from the technicals (which look fantastic), since the last all-time high on CRV/BTC:

– Yearly inflation of CRV has dropped from approximately 20% down to 4%.

– Total amount of CRV locked (effectively burned) has increased to approximately 40% of ALL circulating CRV.

– [Total] Stablecoin market cap has increased by approximately $70 billion and climbing ($170 billion [then] vs $240 billion [now]).

– Curve launched their own native stablecoin crvUSD that currently sits at $200 million market cap.

– Curve launched their own borrowing/lending platform (like AAVE) that currently sits at $140 million in total value locked.

– Curve launched their own automated market maker (LLAMMA) to allow for novel ‘soft liquidations’ on their lending platform mentioned above.

– Number of Curve developers has nearly doubled and developer commits are at all-time highs.”

The analyst adds that it’s not “unreasonable or illogical” for the Curve DAO/US dollar pair to reach double-digit price levels in the current cycle.

“Not sure what price BTC will be at when this happens but at $100,000 BTC, a new all-time high on the CRV/BTC ratio puts CRV at $15+.”

Bitcoin is changing hands at $96,597 at the time of writing.