Curve DAO (CRV) Price Drops 30% Amid Massive Liquidations
The price of Curve DAO (CRV) has plummeted nearly 30%, causing widespread bearish sentiment in the crypto market.
The token fell from $0.35 to $0.27 due to massive liquidations. Curve Finance founder Michael Egorov is facing significant liquidations across multiple DeFi platforms, following warnings of a potential $140 million CRV liquidation.
Egorov has borrowed $95.7 million in stablecoins against his $141 million CRV holdings and is paying $60 million annually to maintain these positions. Data shows Egorov’s address has been liquidated for 20.2 million CRV on UwU Lend, and another whale address was liquidated for 29.6 million CRV.
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Despite the crash, Coinglass data indicates a 108.32% increase in Futures Open Interest to $105.65 million and a 472.96% surge in derivatives volume to $1.33 billion, showing continued investor interest in CRV.
Additionally, CryptoQuant CEO Ki Young Ju noted a significant increase in CRV balances on exchanges, reaching an ATH with a 57% spike. This increased supply on exchanges adds further pressure on CRV’s market value, potentially leading to more volatility in the short term.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
