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<p>The price of the <a href="https://coinmarketcap.com/currencies/curve-dao-token/" target="_blank" rel="noopener noreferrer nofollow">Curve DAO (CRV)</a> token has experienced a continued selloff, plummeting by over 50% in nearly three weeks. However, today’s price action was particularly severe, with CRV plunging from $0.33 to $0.22, a 35% drop. While this move is part of a broader bearish trend, the sharp decline today appears to have been triggered by specific actors in the market.</p>
<h2 class="wp-block-heading" id="founder-s-positions-face-liquidation">Founder’s Positions Face Liquidation</h2>
<p><a href="https://x.com/wublockchain/status/1801084151761944895?s=46" target="_blank" rel="noopener noreferrer nofollow">On-chain analysis by Wu Blockchain</a> revealed that Curve founder Michael Egorov had borrowed a substantial amount of stablecoins, primarily crvUSD, across five different protocols. According to the report, Egorov had collateralized these loans with $141 million worth of CRV tokens across five accounts.</p>
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<p>Unfortunately, these positions have begun to face liquidation, adding significant selling pressure to the CRV market. Wu Blockchain stated that approximately $22.6 million worth of CRV collateral positions were liquidated in the past four hours, with around $15 million worth of CRV collateral being liquidated in the last hour alone.</p>
<h2 class="wp-block-heading" id="opportunistic-trader-capitalizes-on-liquidations">Opportunistic Trader Capitalizes on Liquidations</h2>
<p>Amid the market turmoil, an opportunistic trader identified as sifuvision.eth seized the opportunity to acquire a substantial amount of CRV at discounted prices. According to Lookonchain, sifuvision.eth spent 300,000 USDT to purchase 1.37 million CRV at a low price of $0.2184, taking advantage of the liquidations.</p>
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<p><strong><em>Read Also: <a href="https://captainaltcoin.com/8-promising-low-cap-cryptocurrencies-that-could-surge-100x-post-binance-listing/" target="_blank" rel="noopener noreferrer nofollow">8 Promising Low-Cap Cryptocurrencies That Could Surge 100x Post-Binance Listing</a></em></strong></p>
<p>Interestingly, <a href="https://x.com/lookonchain/status/1801125557809348713?s=46" target="_blank" rel="noopener noreferrer nofollow">Lookonchain also revealed </a>that sifuvision.eth holds a short position on CRV, with a debt of 15 million CRV ($4.04 million) on the UwULend protocol. Prior to the CRV liquidations today, sifuvision.eth withdrew 6 million crvUSD from the Curve LlamaLend protocol, potentially contributing to the increase in Michael Egorov’s borrowing rate.</p>
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<p>The post <a href="https://captainaltcoin.com/heres-why-curve-dao-crv-price-plunged/" rel="noopener noreferrer nofollow">Here’s Why Curve DAO (CRV) Price Plunged</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Here’s Why Curve DAO (CRV) Price Plunged

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