CRV, the native token of CurveDAO, a stablecoin lending platform, is currently nearing its all-time lows following a recent liquidation event within the ecosystem.
According to blockchain tracking firm Lookonchain, a whale recently deposited over $6 million worth of CRV to Binance, likely intending to sell at a loss.
“The whale purchased 22 million CRV after the liquidation event at a price of approximately $0.33. Selling now would result in a loss of around $1 million.”
On June 13th, Curve founder Michael Egorov announced that all his loans, valued at approximately $156 million, were liquidated. Additionally, he disclosed that he executed a structured transaction selling millions of CRV tokens to a partner at NextGen Digital Venture.
“The volume of CRV liquidations exceeded market capacity within half an hour (approximately 1/3 of the circulating supply), leading me to sell 30 million of my unvested CRV to @Christianeth on June 13th. Christianeth will receive these 30 million CRV in installments by mid-August. Any CRV transactions from my wallet to christian2022.eth are related to this deal.”
Following Egorov’s liquidation, CRV plummeted to an all-time low of $0.239 on the same day. Currently, CRV is trading at $0.28, marking a 98.3% decline from its peak of $15.37.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: Midjourney