Curve DAO Token (CRV) confronted a pointy value drop, resulting in the liquidation of CurveFI founder Michael Egorov’s account. Recent experiences confirmed that he misplaced 918.83K tokens price $882.66K amid the 12% decline in CRV’s worth over 24 hours. This liquidation highlights the dangers of leveraging in unstable markets. In addition, the steep value fall displays the challenges merchants face throughout turbulent market situations.
CurveFI Founder’s CRV Position Liquidated After Recent Buyback
On December 19, CurveFI founder Michael Egorov confronted a significant liquidation occasion, dropping 918.83K CRV price $882.66K. This comes simply after his current buyback, the place he acquired 1.08 million tokens for $1.2 million at a median value of $1.114. The buyback occurred two days earlier than the liquidation, marking his first important buy of Curve DAO Token since an analogous occasion in June 2024.
According to Spot on Chain analysis, Michael Egorov’s buyback happened on December 17, as he sought to strengthen his place. However, simply days later, the value of Curve Dao Token plunged 12% inside 24 hours triggering a liquidation occasion. PeckShield reported the liquidation of Egorov’s place, amounting to 918.83K CRV, price roughly $882.66K.
#PeckShieldAlert #Liquidation Michael Egorov-labeled deal with (0x7a16…5428) has been liquidated for 918.83K $CRV (totaling $882.66K). pic.twitter.com/ZXehpFZT81
— PeckShieldAlert (@PeckShieldAlert) December 19, 2024
Despite his try to extend his holdings in Curve DAO Token, the sudden value drop triggered margin calls, resulting in liquidation. This serves as a stark reminder of the perils of sustaining massive leveraged positions in an unpredictable market. Analysts warn that this occasion ought to function a cautionary story for different buyers contemplating leverage in a declining market.
However, Egorov clarified that the tokens have been stolen from him in the course of the June 10 “uwu” hack. He described the liquidated tokens as “receipts of Sifu’s promise to repay the hacked funds,” somewhat than reliable CRV tokens. Despite that, this growth has additionally fueled issues over Curve DAO Token’s broader efficiency, because the token noticed a 7.8% drop shortly after Michael Egorov’s buyback.
Token Faces Continued Decline Amid Market Pressure
CRV token price has dropped by 13% prior to now 24 hours, buying and selling at $0.9375 after the most recent growth by Michael Egorov. It hit a 24-hour low of $0.90 and a excessive of $1.07, reflecting important value volatility.
With a market cap of $1.17 billion and $536 million in buying and selling quantity, CRV’s current efficiency highlights ongoing bearish sentiment. Traders stay cautious because the token struggles to regain stability following the liquidation occasion.
Coingape Staff
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