The post Curve’s Egorov makes first major $1.2M CRV buyback since June liquidation appeared on BitcoinEthereumNews.com.
Spot On Chain’s data revealed that Curve’s founder, Michael Egorov, made a huge repurchase of 1.08M CRV a little over five hours ago. He bought the CRV tokens at $1.114 each for $1.2M, which marked his first major buyback since the June liquidation. CRV’s price dropped ~7.8% in the last 24 hours, but Egorov’s large-scale purchase showed the Curve founder’s confidence in the project’s future development. The huge repurchase could also influence investor sentiment and market dynamics, triggering the token’s bounce back. Curve founder replenishes CRV holdings amid token’s dip #Curvefi founder, Michael Egorov (@newmichwill), bought 1.08M $CRV ($1.2M) at an average price of $1.114 in the past 3 hours! Notably, this marks his first significant $CRV buyback since the liquidation on June 13. The price of $CRV has dropped ~7.8% in the past 24 hours.… pic.twitter.com/SIRquKcZWM — Spot On Chain (@spotonchain) December 17, 2024 Curve Finance CEO surprised the crypto industry after spending $1.2M worth of DAI, WETH, and WBTC to buy back 1.08M CRV at an average price of $1.114. The repurchase, which happened nearly five hours ago, came amid CRV’s ~7.8% 24-hour decline. The transaction by Egorov marked his first significant CRV token buyback since he was liquidated for $140 million in CRV on June 13th. He had suffered a huge CRV liquidation after borrowing stablecoins worth $95.7 million against his CRV assets. Egorov’s CRV acquisition revealed his strategy to strengthen his holdings in the DeFi sector even though the price of CRV had dropped recently. The transaction monitored by Spot On Chain highlighted the CRV market’s current activity and interest. The news was important for the DeFi community because it confirmed that a major player in the CRV project still believed in its future success. Egorov’s actions could likely influence CRV investor perceptions. The Curve founder’s…