👀👀Whale Purchases Gained Acceleration in the Altcoin Project, whose Founder Made a Great Loss! 👀👀

Whales, taking advantage of the declines in Curve Finance, are making purchases worth millions of dollars. Curve Finance's founder Michael Egorov's search for a solution for his 140 million CRV position and liquidation of a part of the position caused a decrease of nearly 30% in the CRV price and brought the price to $ 0.253.

According to data from on-chain analysis platform Lookonchain, in the last two days, 4 different cryptocurrency wallets purchased 42.4 million CRV, worth a total of 14.9 million dollars. The fact that whales took advantage of this decline to buy was considered a positive development for CRV.

What Happened?

Michael Egorov's 140 million CRV position, worth $33 million, which he had been carrying for more than a year, was close to being completely closed on June 13-14. Egorov announced that this position caused a loss of $10 million, that he paid 93% of the loss and would close the rest in a short time.

Egorov had borrowed a lot of stablecoins, using CRV as collateral to prevent the position from exploding. After the Curve attack on July 31, 2023, he started looking for repayment of the loan and had to sell CRV at a low price through OTC (over-the-counter) transactions, while the CRV price was around $0.45-0.50 at that time. Egorov sold a total of 156.35 million CRV for $62.5 million at a price of $0.4. Among those who bought CRV at these prices were names such as TRON's founder Justin Sun.