CRV, the native token of the stablecoin lending platform CurveDAO, is nearing its all-time low once again as the ecosystem strives to recover from a significant liquidation event this month. Blockchain tracking firm Lookonchain has reported that a whale transferred over $6 million worth of CRV to Binance, likely to sell at a loss.
“The 22 million CRV was acquired following the CRV liquidation at an approximate price of $0.33 per token. Selling now would incur a loss of about $1 million.”
Source: Lookonchain/X
On June 13th, Curve founder Michael Egorov announced that all his loans, valued at roughly $156 million, had been liquidated. He also mentioned that he sold millions of CRV tokens in a structured deal to a partner of the crypto asset investment firm NextGen Digital Venture.
“The volume of CRV liquidations was too substantial for the market to absorb within half an hour, approximately one-third of the circulating supply. To avoid bad debt, I sold 30 million of my not yet vested CRV to @Christianeth on June 13th. These 30 million CRV will be transferred to him in portions by mid-August. If you notice CRV transactions from my wallet to christian2022.eth, they are part of that agreement.”
On the day of Egorov’s liquidation, CRV plunged to an all-time low of $0.239. Currently, CRV is trading at $0.28, a significant drop of 98.3% from its all-time high of $15.37.
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