CRV, the native token of stablecoin lending platform CurveDAO, is close to all-time lows again as the ecosystem tries to recover from a major liquidation this month.
Blockchain tracking company Lookonchain reports that a whale deposited more than $6 million worth of CRV to Binance, presumably to sell at a loss.
“The 22 million CRV was purchased after the liquidation of the CRV, with a purchase price of ~$0.33.
Selling now will result in a loss of ~$1 million.”
On June 13, Curve founder Michael Egorov said announced that all his loans, reportedly worth about $156 million, were liquidated. Him too said that he sold millions of CRV tokens in an organized transaction to one of the partners of crypto asset investment company NextGen Digital Venture.
“The number of CRV liquidations was very large and could be processed by the market within half an hour (about a third of the circulating supply). To avoid bad debts, I sold 30 million of my not yet acquired CRV @Christianeth on June 13. He will receive those 30 million CRVs in parts in 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 fell to an all-time low of $0.239. Currently trading at $0.28, CRV is now down 98.3% from its all-time high of $15.37.
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Generated image: Midjourney