As an analyst with a background in DeFi and crypto markets, I find the recent CRV price crash and the subsequent liquidations of Michael Egorov’s CRV tokens deeply concerning. The fact that the founder of Curve Finance is being liquidated millions worth of his own token amidst this bearish movement adds another layer of complexity to an already volatile situation.
As a researcher studying the cryptocurrency market, I’ve witnessed an unexpected development with Curve DAO (CRV) experiencing a significant price drop of nearly 30%. This downturn has sparked bearish sentiments throughout the industry. The token’s value plunged from a peak of $0.35 to a dismal low of $0.27 due to massive liquidations that triggered a chain reaction of bearish occurrences. Notably, Michael Egorov, Curve Finance’s founder, is reportedly facing millions in CRV token liquidations across various Decentralized Finance (DeFi) platforms. This unfortunate event comes on the heels of Arkham’s disclosure of an impending $140 million CRV liquidation.
CRV Liquidation & Bearish Movement
On June 12, Arkham noted in a post that a significant liquidation of $140 million in CRV was imminent in the crypto market. In line with this revelation, Michael Egorov, Curve’s founder, has obtained loans totaling $95.7 million in stablecoins, primarily crvUSD, utilizing his $141 million worth of CRV spread across five accounts on various protocols. It was further disclosed that Egorov is reportedly spending around $60 million every year to maintain his positions on Llamalend.
According to PeckshieldAlert’s data, an address belonging to Michael Egorov has been liquidated for 20.2 million CRV in UwU Lend, while the liquidator was identified as ‘sifuvision.eth.’ In the midst of today’s CRV price drop of nearly 30%, another significant address, 0xF078…0f19E, was also reportedly liquidated for 29.6 million CRV. Additionally, a trader’s liquidation worth 10.58 million CRV on Fraxlend was highlighted by Lookonchain during this price downturn.
During this period, according to Lookonchain’s data, Egorov had collateralized a total of 111.87 million CRV and accrued a debt of approximately $20.6 million across four decentralized finance (DeFi) platforms: UwU Lend, Fraxlend, Curve LlamaLend, and Inverse.
CRV Price Action
Currently, the CRV token undergoes a significant drop of 20.39%, resulting in a price of $0.2778. The token’s minimum and maximum prices within the last 24 hours are $0.2236 and $0.3742 respectively.
As the cryptocurrency market went through a turbulent phase recently, CryptoQuant CEO Ki Young Ju drew attention to an intriguing development: a noticeable surge in CRV balances on exchanges. This balance reached an all-time high, increasing by 57% during the late hours of June 13. This uptick in exchange supply adds to the downward pressure on the token within the market.
As a crypto investor, I’ve noticed some intriguing developments in the token market. Despite certain unfavorable factors, I’ve observed a significant surge in interest based on data from Coinglass. Specifically, the Futures Open Interest (OI) for this token has experienced a noteworthy jump of 108.32%, reaching an impressive $105.65 million. Moreover, the derivatives trading volume has seen a massive spike of 472.96%, amounting to a substantial $1.33 billion. These figures underscore the increasing investor enthusiasm towards this asset.
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2024-06-13 12:55