CurveDAO Token (CRV) Plunges as Whales Sell on Binance

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.