The price of CRV, the cryptocurrency used on the CurveDAO lending platform, has plummeted to near record lows. This comes after a large sale of CRV by a major investor, or “whale,” on the Binance exchange.
Whale Deposits Millions in CRV
Blockchain analytics firm Lookonchain reports that a whale deposited over $6 million worth of CRV on Binance, likely with the intention of selling it at a loss.
Founder’s Liquidation
Earlier this month, CurveDAO founder Michael Egorov liquidated all of his loans, worth an estimated $156 million. He also sold 30 million CRV tokens to a partner at NextGen Digital Venture.
CRV Price Crash
The combined impact of these events sent CRV tumbling to an all-time low of $0.239 on June 13th. As of writing, CRV is trading at $0.28, down 98.3% from its peak of $15.37.
Recovery Attempts
Despite the recent setbacks, the CurveDAO ecosystem is working to recover. However, the large amount of CRV sold by whales is putting downward pressure on the price.
