Curve Finance Founder Dumps 2.5 Mln CRV to Binance as Price Drops Below $0.55
Recently, Michael Egrov, the founder of Curve Finance, made a massive deposit of 2.5 million CRV tokens to Binance. This transfer has caught the attention of crypto enthusiasts worldwide, especially since the CRV token experienced a drop in price just before the deposit.
The token has been trading in the red today, which aligns with the significant dump to Binance. Additionally, data from LookonChain reveals that a wallet linked to Michael Egorov deposited CRV worth $1.34 million to Binance on February 16.
A Closer Look into the Report
The transfer of CRV tokens to Binance coincided with a substantial drop in price, as indicated by Trading View charts. Furthermore, after the dump, the price continued to show bearish movements.
This drop in CRV price also reflects a downtrend in the broader crypto market, along with a marginal decrease in the tokenโs open interest. However, there has been an increase in trading volume for CRV, indicating heightened market activity.
CRV Price Tumbles
Currently, the CRV token has experienced a significant drop of 3.43% in the past 24 hours and is priced at $0.5338. The 24-hour trading volume and market cap of the token have also decreased by 14.90% and 3.36%, respectively.
Market sentiments for CRV are leaning towards bearish thoughts, given the tokenโs drop in price and options data reflecting the same trend. The significant offloading by Michael Egorov further contributes to the bearish movement of the token in the market.
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