CRV, the native token of stablecoin lending platform CurveDAO, is close to all-time lows again as the ecosystem attempts a recovery from a large liquidation event this month.

Blockchain tracking firm Lookonchain reports that a whale deposited over $6 million worth of CRV to Binance, presumably to sell at a loss.

“The 22 million CRV was bought after the CRV liquidation, with a buying price of ~$0.33.
Selling now will result in a loss of ~$1 million.”

On June 13th, Curve founder Michael Egorov announced that all of his loans, reportedly worth roughly $156 million, were liquidated. He also said that he sold millions of CRV tokens in an organized transaction to one of the partners of crypto asset investment firm NextGen Digital Venture.

“The amount of CRV liquidations was very large for the market to handle in half an hour (1/3 of circulating supply or so), so to prevent any bad debt, I sold 30 million of my not yet vested CRV to @Christianeth on June 13th . Those 30 million CRV are being received by him in chunks by mid-August.

If you see CRV transactions from my wallet to christian2022.eth, they are related to that deal…”

On the same day of Egorov’s liquidation, CRV dropped to an all-time low of $0.239. Currently, CRV is trading at $0.28 and is now 98.3% down from its all-time high of $15.37.

Source : The Daily Hodl - Jul 1, 2024