Curve Finance Founder Michael Egorov Dumped Nearly 2M CRV Tokens This Week, Sparking Market Speculation

Curve Finance founder Michael Egorov sparked a tidal wave of speculation across the market with his recent selloff strategies.

The founder of Curve Finance, Michael Egorov, has been selling off large amounts of his Curve DAO Token (CRV) amid speculation about the coin’s future price action.

Egorov’s selloff transactions have sparked concerns among crypto traders, especially with the coin’s price showing signs of an uptrend.

Egorov Dumps Nearly 2M CRV Tokens Amid Price Rally

Egorov has been busy offloading his CRV holdings this week. As of Wednesday, March 26, the founder sold another 1.997 million CRV tokens for 1.03 million USDC, according to Spotonchain.

The crypto trader transferred the tokens to the wallet address 0x5a8, which then sold 1 million coins for 515,058 USDC at an average price of $0.515. At present, the address still holds 997K tokens.

Earlier this week, Egorov sold 468,769 CRV tokens for 238,171 USDC at an average price of $0.508 on March 24.

However, Egorov bought these tokens as of mid-December last year at an average price of $1.114. Hence, the initial investment is currently in the red by 54.6%.

Why Is Egorov Selling CRV Tokens?

Egorov’s selloff transactions come amid speculation about the coin’s future price action. Some traders believe that the coin could be due for a dip, especially with Egorov selling amid a price rally.

As of press time, Curve DAO coin saw gains of 12% in the 24-hour period and 23% in the seven-day period. The coin is currently trading at $0.5560 at the time of writing. It hit a low of $0.4927 in the past 24 hours.

However, a recent analysis by market analyst 'CrediBULL Crypto' suggests that the tide may be turning for CRV.

Sharing his thoughts on X, the analyst stated that the CRV/XRP pair is indicating an upcoming breakout for the Curve Finance token.

Considering XRP is still moving in a channel where it is preparing for a selloff from the highs or a lower low to continue the bear trend, CRV is poised for a pump.

"We can see that XVS is getting ready for another dump and LTC got sold into a huge resistance zone. EWT got sold into a small resistance zone but it seems like it will continue down. XVS is the only one that broke a key level and closed below it."