Amid continuing recovery, Curve DAO (CRV) is attracting investor attention due to whale activity in its market. Today, data from crypto analyst Spot on Chain highlighted that the founder of Curve DAO, Michael Egorov, sold huge amounts of CRV tokens, a move that is likely to impact the asset’s price.
Egorov dumps 468,769 CRV
According to data posted on X by Spot on Chain, Michael Egorov executed a huge transaction, selling 468,769 CRV tokens for $238,171 USDC at an average price of $0.508. Data shows that on Dec 17 and 18, 2024, the investor bought 1.226 million CRV tokens valued at $1.37 million at an average price of $1.114. However, due to recent price declines and today’s sales that investment is now facing a loss of $745,000 (down 54.6%).
The move to sell such massive amounts of CRV tokens has raised curiosity about CRV’s future movement. The timing of this significant transfer is more conspicuous, happening when CRV’s value is embracing an impressive recovery.
Recently, Egorov came into the spotlight due to financial issues facing him. On Dec.19, one of his wallets holding 918,830 CRV tokens (worth $898,000) got liquidated. The liquidation occurred two days after he acquired new CRV tokens to support the price of the declining token.
CRV price updates
Curve DAO has been making a remarkable recovery following a substantial price drop, rising by 30.7% and 16.5% over the past two weeks and seven days ago respectively. Today, the asset saw a price hike of 1.5% recorded over the past 24 hours, making its price currently standing at $0.512, at press time. The jump comes amid growing bullish sentiment and rising investor interest in the token. With the figures above, CRV has been one of the top performers in the crypto market over the past two weeks.
This price surge has been accompanied by a significant increase in its Open Interest (IO), climbing to a total of $116.85 million. The rise in both price and trader enthusiasm suggests that CRV is gaining momentum amidst its ongoing uptrend.
According to data from Coinglass, the IO for CRV rose by $1.82 million over the past 24 hours, pushing the total to $116.85 million. An increase in open interest normally indicates that traders are becoming more confident in the asset’s growth potential. The renewed confidence is triggered by bullish sentiment, as investors increasingly believe that CRV has the ability to recover its losses and even climb to new heights.
