Curve Finance Founder Michael Egorov Accumulates 1.08M CRV Tokens Worth $1.2M, Signaling Confidence in CRV's Potential

Recently, Michael Egorov, the founder of Curve Finance (curve.fi), made a significant move that resulted in a massive accumulation of Curve DAO (CRV) tokens.

Recently, the founder of Curve Finance (curve.fi) made a massive move that resulted in a huge accumulation of Curve DAO (CRV) tokens, putting him back in the public spotlight.

As reported by Spot on Chain, Egorov purchased 1.08 million CRV tokens (worth $1.2 million) at an average price of $1.114 today. This marks his first significant Curve DAO buyback since the liquidation on June 13.

However, the CRV price didn't move much, as it was down 7.8% in the past 24 hours, the blockchain analytics platform noted.

Egorov's purchase suggests that he is still confident about Curve DAO's potential. This transaction comes after the trader ramped up the accumulation of stablecoins (mostly crvUSD tokens) valued at $95.7 million by selling $141 million worth of Curve DAO tokens in June.

The liquidations of the massive quantities of CRV tokens signaled financial struggles that Egorov might have faced during that time. His abrupt trading activity worried the crypto community but highlighted the risk of volatility associated with leveraging crypto tokens for borrowing purposes.

The same incident was also observed on April 22 when CRV value declined by over 30%. The price drop led Egorov to sell nearly 371 million CRV tokens leveraged as collateral for stablecoins loans. During that time, Egorov liquidated CRV tokens valued at $156 million using five addresses on six distinct lending apps to purchase $92.54 million in stablecoins.

CRV Shows Signs of Bullish Momentum

Bitcoin and altcoin markets are performing well at the moment. The Curve DAO token, which has been highly volatile and down for several months, is also experiencing a rapid recovery, continuing its bullishness.

CRV is on a market upswing, as its price is trading at $1.11, up 3.3% over yesterday. The last time the token traded above the $1 mark was in April last year.

The token's current bullishness is largely due to the increased trading activity of its stablecoin. Curve Finance officially launched its decentralized stablecoin, crvUSD (scrvUSD), on the CRV ecosystem last month. The stablecoin enhances the ecosystem's scalability and offers low-risk returns, helping to attract more investors.

The stablecoin's staking volume increased almost two-fold, surging from $455.31 million to $839.29 million on November 27, the highest level since June 2022. Moreover, the daily trading volume also climbed to another incredible milestone at $1.6 billion on December 3, indicating rising engagement.

CRV was trading at $1.09 on December 6 and is currently moving at around $1.11, indicating its buying pressure. The rollout of its yield-bearing scrvUSD stablecoin helped fuel recovery in the price. On December 11, Curve Dao recorded its new AHT of $1.15, the highest mark ever achieved this year. The token is currently trading high after supporting its momentum between $0.30, $0.50, and $0.80 a few days back, boosted by increased market interest and transaction volume.