--- title: What's Driving Token Prices? May 10, 2023 description: Join Arca's Director of Research, Katie Talati, to learn about what is driving CHZ, CRV, MKR, & PEPE token prices in the digital asset ecosystem. image: https://www.ar.ca/hubfs/WDTP%20Thumbnail.jpg --- [![email-sig-logowhite](https://www.ar.ca/hs-fs/hubfs/email-sig-logowhite.png?width=102&height=96&name=email-sig-logowhite.png "email-sig-logowhite")](https://www.ar.ca/) [![Get in Touch](https://no-cache.hubspot.com/cta/default/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3) ** ** ** [![Arca](https://www.ar.ca/hs-fs/hubfs/arca_square_576x576.png?width=60&height=30&name=arca_square_576x576.png "Arca")](https://www.ar.ca/) [![Get in Touch](https://no-cache.hubspot.com/cta/default/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3) ** ** ** Search **Menu** ** ** [![Data Room](https://no-cache.hubspot.com/cta/default/4536350/72e2934a-0f70-4634-897e-b99fd4807a9b.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/72e2934a-0f70-4634-897e-b99fd4807a9b) [![Get in Touch](https://no-cache.hubspot.com/cta/default/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3) ![](https://www.ar.ca/hubfs/Whats-Driving-Token-Prices-Header.jpg) [Investing Themes](https://www.ar.ca/blog/tag/investing-themes) | # What's Driving Token Prices? May 10, 2023 [![Katie Talati](https://www.ar.ca/hubfs/Katie%20Talati.png)](https://www.ar.ca/blog/author/katie-talati) Written by [Katie Talati](https://www.ar.ca/blog/author/katie-talati) May 10, 2023 **Join Katie Talati, Arca’s Head of Research, weekly on Wednesday at 4PM EST / 1PM PST as she shares notable token activity over the past week and her insights on what market events drove these token price movements.** Watch Our Founders Video - **CHZ (-14%) **-** **Sports and entertainment platform Chiliz launched the long-anticipated mainnet of its Chiliz Chain 2.0 (CC2) this morning. Previously, Chiliz ran a permissioned sidechain on Ethereum. Now it has launched its own chain (a fork of BNB Chain) to expand its capabilities and growing ecosystem of sports-related projects. The new chain includes features we are used to, such as a decentralized exchange and bridge from Ethereum to CC2. Currently, there are 11 validators live on the network staking over 182M CHZ, which is just over 3% of the circulating supply. - **CRV (-12%)** - Decentralized stablecoin exchange Curve launched its long-awaited stablecoin crvUSD last week. The stablecoin utilizes a product called LLAMA (Lending-Liquidating AMM Algorithm) which is designed to deter bad debt creation by manipulating illiquid asset prices. Although the contracts for crvUSD are live, no front-end application is currently available. Testing is underway on the live contracts ahead of full deployment. - **MKR (-3.4%)** - Decentralized stablecoin issuer, MakerDao released its newest product earlier this week, Spark Protocol. Spark, a fork of Aave, is a lend/borrow protocol designed to service DAI (Maker’s decentralized stablecoin) markets. As the lending market is connected to the MarkerDao protocol, Maker can issue more DAI liquidity as demand increases, thereby keeping borrowing rates low. Maker currently boasts over $7.2B in TVL; however, borrowing markets have not seen much activity in many months, with utilization on most protocols averaging about 48%. - **[PEPE](https://twitter.com/pepecoineth) (+71%)** - If you haven’t paid much attention to the markets the last few weeks, you might ask, “What is PEPE?” Pepe is the newest meme coin, launched just over 3 weeks ago. The project’s creators harnessed the popularity of Pepe the Frog within online meme culture to grow the token. PEPE’s holder base reached 100K holders on-chain in just 22 days, far outpacing the growth of other meme coins like DOGE and SHIB (however, PEPE is still a fraction of their market caps). Interestingly, while all speculative, the activity related to PEPE has primarily driven Ethereum activity over the past few weeks. Gas fees on Ethereum are double what they were a few weeks ago (and triple at some points last week), pushing ETH’s supply deflation to 2.8% annually over the last week. Although this activity is likely unsustainable, it illustrates how a small amount of activity on Ethereum can reduce ETH supply drastically. *DISCLAIMER: This commentary is not intended to be investment advice, investment research, or a recommendation. Please consult your investment professional for your own circumstances."*   ### Subscribe For the Latest Blockchain News & Analysis     Disclaimer: This commentary is provided as general information only and is in no way intended as investment advice, investment research, legal advice, tax advice, a research report, or a recommendation. Any decision to invest or take any other action with respect to any investments discussed in this commentary may involve risks not discussed, and therefore, such decisions should not be based solely on the information contained in this document. Please consult your own financial/legal/tax professional. Statements in this communication may include forward-looking information and/or may be based on various assumptions. The forward-looking statements and other views or opinions expressed are those of the author, and are made as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated and there is no guarantee that any particular outcome will come to pass. The statements made herein are subject to change at any time. Arca disclaims any obligation to update or revise any statements or views expressed herein. Past performance is not a guarantee of future results and there can be no assurance that any future results will be realized. Some or all of the information provided herein may be or be based on statements of opinion. In addition, certain information provided herein may be based on third-party sources, which is believed to be accurate, but has not been independently verified. Arca and/or certain of its affiliates and/or clients may now, or in the future, hold a financial interest in investments that are the same as or substantially similar to the investments discussed in this commentary. No claims are made as to the profitability of such financial interests, now, in the past or in the future and Arca and/or its clients may sell such financial interests at any time. The information provided herein is not intended to be, nor should it be construed as an offer to sell or a solicitation of any offer to buy any securities, or a solicitation to provide investment advisory services. 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