Curve DAO Token CRV Predicted to Surge 1,840% by Analyst

A prominent analyst and trader has expressed a bullish outlook on a decentralized finance (DeFi) project within the Ethereum (ETH) ecosystem. The analyst, known by the pseudonym Credible Crypto, shared his perspective with his 467,000 followers on the social media platform X, stating that it is "only logical" for the native token of the DeFi altcoin Curve DAO (CRV) to reach a new all-time high against Bitcoin (BTC) before the end of the cycle.

According to the analyst, CRV has the potential to surge by approximately 1,840% from its current level to reach a price of 0.00015 BTC. At the time of writing, CRV is trading at 0.00000773 BTC, equivalent to $0.739.

Credible Crypto's bullish thesis for the Ethereum-based DeFi project, which focuses on the trading of stablecoins, is primarily based on the improvements in the project's fundamentals since CRV last hit an all-time high against Bitcoin in 2021. The analyst highlighted several key developments, including a significant reduction in the yearly inflation rate of CRV from approximately 20% to 4%. Additionally, the total amount of CRV locked, effectively burned, has increased to about 40% of all circulating CRV. The stablecoin market cap has also grown by approximately $70 billion, rising from $170 billion to $240 billion. Curve DAO has launched its own native stablecoin, crvUSD, with a market cap of $200 million, and a borrowing/lending platform similar to AAVE, with $140 million in total value locked. Furthermore, Curve DAO has introduced an automated market maker (LLAMMA) to facilitate novel "soft liquidations" on their lending platform. The number of Curve developers has nearly doubled, and developer commits are at all-time highs.

The analyst also suggests that it is not "unreasonable or illogical" for the Curve DAO/US dollar pair to reach double-digit price levels in the current cycle. According to the analyst's forecast, if Bitcoin reaches $100,000, a new all-time high on the CRV/BTC ratio would place CRV at $15 or more. At the time of writing, Bitcoin is trading at $96,597.