Whale Dumps 25 Million CRVs at a Loss of $4.58 Million
CryptoNewsTerminal Staff08 Aug, 2024
Whale Dumps 25 Million CRVs at a Loss of $4.58 Million
Blockchain analytics firm Lookonchain has revealed that an anonymous address, believed to belong to a whale, has sold off its entire stash of 25 million CRV tokens over the past three days. The whale had acquired these tokens last year from Curve founder Michael Egorov at an average price of $0.4. This recent selloff is estimated to have resulted in a loss of $4.58 million for the whale. The whale's decision to sell at a loss has raised questions about the future of CRV, the native token of the Curve Finance decentralized exchange. CRV has been underperforming in recent months, and the whale's selloff could further depress its price. It is unclear what motivated the whale to sell its CRV tokens at a loss. However, it is possible that the whale was facing financial pressure or was simply taking advantage of the recent uptick in CRV's price. The selloff is a reminder that even whales can lose money in the cryptocurrency market. It is important to invest wisely and to be aware of the risks involved.
