Whale Purchases Gained Acceleration in the Altcoin Project, whose Founder Made a Great Loss!
Whales, taking advantage of the declines in Curve Finance, are making purchases worth millions of dollars.
Curve Finance founder Michael Egorov found a solution for his 140 million CRV position and liquidated part of the position, causing a drop of nearly 30% and the CRV price reaching $0.253.
According to the data provided by the on-chain analysis platform Lookonchain, 4 different cryptocurrency wallets purchased 42.4 million CRV worth 14.9 million dollars in the past 2 days.
The fact that the whales took advantage of the price drop and moved in a buying direction was welcomed as a positive development for CRV.
What happened?
Michael Egorov's 140 million CRV position, worth $33 million, which he had been carrying for more than a year, was close to being completely closed on June 13-14.
Egorov announced that this position caused a loss of $10 million, that he paid 93% of the loss and would close the rest shortly.
Since Michael Egorov had recently borrowed a lot of stablecoins with CRV as collateral so that his position would not explode, he started looking for repayment of the loan after the Curve attack on July 31, 2023. At that time, the price was at $0.45-0.50 and he had to sell CRV cheaply via OTC.
Egorov had sold a total of 156.35 CRV via OTC at a price of $0.4 for $62.5 million. Among the names that bought CRV at this price were names such as TRON founder Justin Sun.