Excitable speculators mistakenly rushed to invest in the native token of decentralized finance protocol Bend Finance (CRV) after reports emerged that payments behemothic PayPal has acquired the unrelated Israel-based crypto custody house, Curv.

News of PayPal'south Curv acquisition was reported on March 2, with the publications citing anonymous sources "familiar with the matter." Israel-based media has reported the company may have been sold for between $200 million and $300 1000000.

Inside an hour of the news breaking, Curve's CRV token had rallied by more x% as opportunistic traders raced each other to enter the markets — pushing prices upwardly from roughly $2.30 to $2.threescore.

The official Twitter business relationship of Curve has too been mistakenly tagged in numerous posts celebrating PayPal'due south conquering, to which Curve has responded in a bid to dispel the confusion:

CRV quickly reversed the rally to requite back all of its gains as traders realized their error. The resulting red candlestick was CRV's largest hourly candlestick by trade volume since Jan. 21.

However, all publicity is good publicity and despite the defoliation, CRV has since bounced off back up at $2.20, and terminal inverse hands for $2.sixty to mail a gain of 29% over the past 24 hours. As such, CRV currently ranks as today's best-performing Ethereum-based asset, according to market information aggregator Messari.

CRV/USDT, hourly chart since Jan. 14: TradingView

This is non the first time fools have rushed in to buy the wrong ticker. In January, confused traders rallied effectually the New York Stock Exchange-listed Tanzanian Gold Corporation (TRX) later on Justin Sun's Tron cryptocurrency (as well TRX) was promoted to traders in the notorious r/WallStreetBets group.

The debacle saw daily trade in Tanzanian Golden Corporation's stock increase by nearly 84 times on Jan. 29, spiking from an average daily volume of 584,000 shares to 49 million. The day saw TRX stock prices rally from $0.85 to more $i.xc, before collapsing to shut the 24-hour interval at a roughly 15% loss.