Convex Finance’s CVX Token Plunges After Major Sell-Off by Fantom Whale

• SpotOnChain reports a whale linked to Fantom Foundation sold 357,000 CVX, causing a 5% price drop.
• CVX trades at $3.15, down 9.2% from its recent high.
• Convex Finance’s total value locked (TVL) slipped to $1.24 billion, down 1.59% from the previous day.

Convex Finance’s CVX token plunged 5% early Friday following a massive sell-off by a wallet linked to the Fantom Foundation, according to on-chain data from SpotOnChain.

The transaction, which involved over 357,000 CVX tokens worth $1.15 million, triggered a wave of selling pressure and wiped out recent gains for the cryptocurrency.

Early Friday morning, CVX experienced a price decrease and increased selling pressure following news of the whale transaction. As of press time, the token is trading at $3.15, a 9.2% decline from its recent intraday high of $3.44…

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