CRV, the native token of CurveDAO, a platform for lending stablecoins, is once again nearing its all-time low as the ecosystem tries to recover from a significant liquidation event earlier this month. According to blockchain tracking firm Lookonchain, a large holder of CRV deposited over $6 million worth of tokens on Binance, presumably intending to sell at a loss.
The whale purchased the 22 million CRV tokens after the liquidation event, buying them at an approximate price of $0.33. Selling them now would result in a loss of around $1 million.
On June 13th, Curve founder Michael Egorov revealed that all of his loans, estimated to be worth about $156 million, had been liquidated. He also disclosed that he had sold millions of CRV tokens in an organized transaction to one of the partners of crypto asset investment firm NextGen Digital Venture.
Due to the large number of CRV liquidations in a short period of time, the market was unable to handle it, causing Egorov to sell 30 million of his unvested CRV tokens to @Christianeth on June 13th. These tokens will be received by the buyer in chunks by mid-August. Any CRV transactions from Egorov’s wallet to christian2022.eth are related to this deal.
On the same day as Egorov’s liquidation, the price of CRV dropped to an all-time low of $0.239. Currently, CRV is trading at $0.28, representing a 98.3% decrease from its highest recorded price of $15.37.
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