Recently, Michael Egorov, the founder of Curve Finance (curve.fi), made a significant move that resulted in a massive accumulation of Curve DAO (CRV) tokens. The whale took a new position, which brought him into the public limelight.
As reported by Spot on Chain, Egorov purchased 1.08 million CRV tokens (worth $1.2 million) at an average price of $1.114 today. The transaction marked his first significant Curve DAO buyback since the liquidation on June 13.
The CRV price has not moved much, as has been down 7.8% in the past 24 hours, according to the blockchain analytics platform.
#Curvefi founder, Michael Egorov (@newmichwill), bought 1.08M $CRV ($1.2M) at an average price of $1.114 in the past 3 hours!Notably, this marks his first significant $CRV buyback since the liquidation on June 13.The price of $CRV has dropped ~7.8% in the past 24 hours.… pic.twitter.com/SIRquKcZWM
— Spot On Chain (@spotonchain) December 17, 2024
Egorov remains confident in CRV
The purchase shows that Egorov is still confident about Curve DAO’s potential. The transaction comes after the trader ramped up the accumulation of stablecoins (mostly crvUSD tokens) valued at $95.7 million by selling $141 million worth of Curve DAO tokens in June.
The liquidations of the massive quantities of CRV tokens signaled financial struggles that Egorov possibly faced during that time. His abrupt trading activity worried the crypto community but highlighted the risk of volatility associated with leveraging crypto tokens for borrowing purposes.
The same incident was also observed on April 22 when CRV value declined by over 30%. The price drop led Egorov to nearly sell a staggering 371 million CRV tokens leveraged as collateral for stablecoins loans. During that time, Egorov liquidated CRV tokens valued at $156 million using five addresses on six distinct lending apps to purchase $92.54 million in stablecoins.
CRV shows signs of bullish momentum
Bitcoin and altcoin markets are currently performing well. The Curve DAO token, which has been extremely volatile and down for several months, is also experiencing rapid recovery, sustaining its bullishness.
CRV is on a market upswing, as its price is trading at $1.11, up 3.3% over yesterday. The token trading above the $1 mark was last witnessed in April last year.
The token’s current bullishness is attributed to the increased trading activity of its stablecoin. Curve Finance officially launched its decentralized stablecoin, Savings-crvUSD (scrvUSD), on the CRV ecosystem last month. The stablecoin enhances the ecosystem’s scalability and offers low-risk returns, helping to attract more investors.
The stablecoin’s staking volume almost increased two-fold, surging from $455.31 million to $839.29 million on November 27, the highest level since June 2022. Furthermore, daily trading volume climbed to $1.6 billion on December 3, making another incredible milestone. The growth reflects rising investor engagement.
CRV traded at $1.09 on December 6 and currently is moving at around $1.11, signaling its buying pressure rises. The rollout of its yield-bearing scrvUSD stablecoin helped fuel recovery in the price. On December 11, Curve Dao recorded its new AHT of $1.15, the highest mark ever achieved this year. The token is currently trading high after supporting its momentum between $0.30, $0.50, and $0.80 a few days back, boosted by increased market interest and transaction volume.
