March started with big news about PayPal acquiring the crypto firm Curv. However, crypto enthusiasts were quick to jump the gun and start pouring money into the Curve DAO Token (CRV) thinking the news would send their portfolios to the moon. PayPal is reportedly willing to pay $200-$500 million for Curv. However, Curv is NOT the same company as Curve Finance. Read to fine print folks.
The misinterpreted news led the the CRV token from a $1.78 on March 1, all the way up to $2.62 on March 2. A pretty big jump thanks to lots of people trying to jump on the get rich quick bandwagon and not doing enough (or any) research.
This tweet sums it up pretty good:
As of March 3, CRV was back down to $2.25. I'm not here to say whether CRV is still over or under-valued, but this seems like a very familiar story in the crypto world. I'm still a novice in the game, but there are more than enough crypto buyers that are ready to jump on any news that might make them a profit. There is nothing wrong with that, but use this as another example of why you should do research and make sure you know exactly what you are buying. You don't want to get burned, or end up overpaying for something you never even wanted in the first place.
I'm sure there a few people that are kicking themselves after this little case of mistaken crypto identification.
Sorry to burst the bubble any anyone who bought a bunch of CRV hoping this news was going to make you rich.
Get back to watching those charts.