CRV price recovery falters as Curve Finance founder offloads more tokens
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While enthusiasts watch for potential rallies as Bitcoin eyes the $90K resistance, Curve Finance (CRV) founder attracted attention with his ongoing sell-offs.
Spot on Chain data shows Michael Egorov has offloaded approximately 2.5 million tokens this week.
He accumulated the stash in mid-December at $1.114 per asset.
CRV trades at $0.5608 at press time, meaning Egorov dumped his holdings at a loss.
The incident has triggered speculations about the altcoin’s future performance.
The founder’s sell-off suggests a lack of confidence in the project’s near-term performance.
Further, the significant sell-offs emerge amid price rallies.
That could mean the investor’s faded trust in CRV price movements after prolonged struggles.
Also, Egorov might be taking profits after the latest rally to reduce losses.
Curve Founder losing patience?
CRV rides bullish waves at press time, up 10% and 20% in the past day and week, respectively.
Meanwhile, the founder’s selling spree (amid bullish price actions) raised worries about the alt’s outlook.
Is Egorov exiting to prevent further losses amid a new bearish wave?
Details show he sent 1.997 million coins, worth approximately $1.03M, to wallet “0x5a8.”
The address sold 1 million tokens at $0.515 per coin, accruing 515,058 USDC.
Moreover, Egorov swapped 468,769 coins for 238,171 USD Coins at $0.508 on Monday, March 24.
The wallet now holds 997K CRV tokens.
Interestingly, the founder accumulated these coins in December 2024 at $1.114 per token, according to invezz.
CRV’s current price indicates an over 50% loss in the initial investment.
The selling trend, especially from the project’s founder, has raised several questions from the crypto community.
Some speculate that the asset dump could highlight financial challenges, while others argue that Egorov is quitting to escape further downturns.
Further, Curve Finance remains a crucial player in the DeFi industry.
Thus, Egorov’s selling spree might indicate potential hurdles that could threaten the blockchain’s stability.
CRV’s current price outlook
The altcoin remained elevated amidst these observations.
Curve Finance gained 10% in the past 24 hours as the crypto market recovered.
It hovers at $0.5608, with a 50% increase in daily trading volume emphasizing renewed trader interest.
Solid uptrends past the $0.60 obstacle could catalyze massive gains for CRV.
Nevertheless, sustained uptrends depend on broad market sentiments and whether top holders will refrain from selling.
Michael van de Poppe expects cryptocurrencies to extend the current recoveries gradually before accelerating.
Nevertheless, Bitcoin should close above $90,000 to shift the market’s short-term trajectory to bullish.
Curve Finance enthusiasts will watch the founder’s wallet activities and CRV’s short-term performances.
The post CRV price recovery falters as Curve Finance founder offloads more tokens appeared first on Invezz
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