Token

Accumulate

crvUSD

Spot

<ul>
 <li>Whales accumulate 55.26M CRV, driving the price up 12% post-liquidation.</li>
 <li>Egorov’s remaining CRV assets are secure, not at immediate liquidation risk.</li>
</ul>
In the wake of a significant liquidation event involving Michael Egorov, founder of Curve Finance, the CRV token has seen a notable recovery. Nearly a week ago, Egorov faced liquidation after the CRV token plummeted to an all-time low of $0.219. The situation led to widespread liquidations across various platforms, with Egorov’s lending positions largely liquidated, totaling around 100 million CRV valued at $27 million.
Despite this, <a href="https://thenewscrypto.com/curve-finances-founder-claims-10m-debt-repayment-amid-liquidation-crisis/" target="_blank" rel="noopener noreferrer nofollow">Egorov</a> still holds 39.35 million CRV, securing $5.4 million in stablecoins on a lending platform.
Meanwhile, today’s market activity reveals a turnaround for the CRV token. Six whales have accumulated a total of 55.26 million <a href="https://coinmarketcap.com/currencies/curve-dao-token/" target="_blank" rel="noopener noreferrer nofollow">CRV</a> (approximately $19.4 million) during the dip following the liquidation crisis. Interestingly, five of these six whales are first-time accumulators, reflecting a surge in first-time purchases of CRV over the past week.&nbsp;
<div align="center">
 <blockquote class="twitter-tweet">
 Six whales have accumulated 55.26M <a href="https://twitter.com/search?q=%24CRV&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$CRV</a> (~$19.4M) during the dip post- <a href="https://twitter.com/search?q=%24CRV&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$CRV</a> liquidation crisis! • 5 of the 6 whales are first-time accumulators. This is reflected in the surge in first-time purchases of <a href="https://twitter.com/search?q=%24CRV&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$CRV</a> in the past week. • The <a href="https://twitter.com/search?q=%24CRV&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$CRV</a> price is up ~14% (24H), almost back to… <a href="https://t.co/DbBTipytcF" rel="noopener noreferrer nofollow">pic.twitter.com/DbBTipytcF</a>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1803337953944674537?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 19, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div>
Notably, this influx of new investors has contributed to a 12% increase in the CRV price over the past 24 hours, bringing it almost back to its pre-liquidation level, accompanied by a modest 1% surge in trading volume.
<h3 class="wp-block-heading" id="h-looking-back-at-the-past">Looking Back At the Past</h3>
<a href="https://x.com/ArkhamIntel" target="_blank" rel="noopener noreferrer nofollow">Arkham</a> Intelligence previously warned that Egorov’s CRV positions worth $140 million across five protocols were at risk of liquidation if the digital asset’s price dropped by 10%. They noted that Egorov’s borrowing on platforms like Llamalend, where his $50 million crvUSD borrows cost him around 120% APY, posed a significant risk due to the limited remaining crvUSD for borrowing against CRV.
Egorov <a href="https://x.com/newmichwill?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor" target="_blank" rel="noopener noreferrer nofollow">praised</a> Curve Finance’s soft liquidation mechanism for its effective handling during a recent real-world test, stating that it allowed for successful liquidation without bad debts.
As an established DeFi project, Curve’s quality and long-term profitability remain acknowledged, though the impact of recent events on its standing and community cohesion remains uncertain.
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CRV Token Recovers as Whales Accumulate Post-Liquidation

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TheNewsCrypto

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