News View Non-AMP

CRV Price Plummets 34% as Curve Founder Faces Liquidation

Published by
Mustafa Mulla

CRV, the native token of Curve.fi, has become one of the biggest losers in the recent crypto market crash. The token’s value dropped by over 34% after news broke that Curve.fi founder Michael Egorov was being liquidated. This sharp decline, along with the founder’s financial issues, has raised concerns among investors about CRV’s future and ongoing projects.

CRV hit a low of $0.236 on Thursday, showing the severe impact of the market crash. The token has since recovered slightly, stabilizing at $0.261.

Let’s dive in and see what’s causing the CRV crash and what it means for the future of the project.

Founder’s Liquidation Sparks Panic

According to Spot On Chain, a blockchain analysis platform, Michael Egorov’s liquidation has significantly contributed to CRV’s decline. Egorov holds 139 million CRV tokens, worth about $37 million, as collateral.

His debt, totaling $27 million across three platforms and wallets, has added significant financial strain. This has increased pressure on the CRV token, pushing its value further down.

Drawing Out the Financial Struggles

This isn’t the first time Egorov’s liquidation issues have surfaced. On April 14, Wu Blockchain reported that Egorov faced liquidation when CRV dipped to $0.42. This nearly led to the liquidation of 371 million CRV (around $156 million) used as collateral for stablecoin loans.

Overall, about $128 million worth of crypto collateral has been liquidated on DeFi lending platforms, with over $24 million liquidated on Aave alone.

Notable On-Chain Movements

In reaction to the news, significant on-chain movements have been observed. An unknown whale, identified by the wallet address i0xF07, recently deposited 29.62 million CRV tokens, worth $7.68 million, to Binance. This move is believed to be related to the liquidation of Fraxlend, showing the wider market impact of Egorov’s financial troubles.

Binance’s Strategic Moves

Amid the turmoil, Binance has successfully integrated Curve Finance’s token, CRV, into Arbitrum One and Optimism. These integrations aim to provide users with faster and cheaper transactions, which are essential in the rapidly evolving DeFi space.

The future of CRV remains uncertain as investors watch closely for further developments. The financial strain on its founder and ongoing market volatility continue to pose significant challenges for the token.

The crypto market is a wild ride! What are your predictions for CRV’s future?

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Recent Posts

Bitcoin (BTC) Price Analysis: Dead Cat Bounce or Full Blown Rebound?

After a major downfall in the relationship between the two most powerful pro-crypto individuals, Elon…

June 7, 2025

World Liberty Announces Strategic Acquisition of Official Trump ($TRUMP) and the Closure of Trump Meme Wallet

Eric Trump, the Executive Vice President of the Trump Organization, has announced a strategic partnership…

June 7, 2025

Top Layer 2 Tokens Set to Rise Once Ethereum (ETH) Price Reaches $3000

Layer 2 tokens often derive their value from the Ethereum ecosystem, as they rely on…

June 7, 2025

Gemini Takes Step Toward IPO in Confidential Filing: Crypto IPOs Heat Up

Gemini Space Station, Inc., a well established cryptocurrency exchange by the Winklevoss brothers, has filed…

June 7, 2025

What is the Best Cryptocurrency to Invest in Now? Deep Dive into the Top Crypto to Buy Today for 2025 Bull Run

As the crypto market gains momentum heading into mid-2025, investors are wondering what is the…

June 6, 2025

Exabits’ RWA Approach To Tokenized GPU Power Democratises AI Cloud Computing Ownership

The Titans of AI are forging the future. With billions poured into the industry, where…

June 6, 2025