Curve Finance Founder Sells 2M CRV Tokens Amid 23% Weekly Gain

Michael Egorov, the founder of Curve Finance, has recently made significant moves in the market by selling off a substantial amount of CRV tokens. On Wednesday, March 26, Egorov sold nearly 2 million CRV tokens, adding to the approximately 2.5 million coins he had already offloaded this week. This action has raised concerns and speculation about the future price movements of CRV, despite the ongoing rally in its price.

CRV's price has been on an upward trajectory, with intraday and weekly gains of 12% and 23%, respectively. However, Egorov's selloff transactions during this price surge have sparked worries about a potential price dip. According to data from Spotonchain, Egorov transferred 1.997 million tokens worth $1.03 million to the wallet address “0x5a8.” This address then sold 1 million coins for 515,058 USDC at an average price of $0.515, with 997K tokens still held in the address. Additionally, on March 24, Egorov sold 468,769 tokens for 238,171 USDC at an average price of $0.508.

The tokens sold by Egorov were initially purchased in mid-December at an average price of $1.114, resulting in a 54.6% loss on the investment. While the selloffs occurred during a price rally, they may be a strategic move to mitigate the losses incurred. However, the broader market sentiment remains bearish in light of these transactions.

As of the latest reports, the price of Curve DAO coin defied usual market sentiments and increased by 12%, reaching $0.5560. The coin experienced a significant pump after hitting a low of $0.4927 intraday. Market analysts have posted bullish projections despite the crypto's sluggish performance. According to the analyst 'CrediBULL Crypto', the CRV/XRP pair indicates a potential breakout for the Curve Finance token. However, market watchers reflect an uncertain approach towards the crypto amid recent developments that have not clarified the situation.