Why is Curve Finance Founder Offloading CRV Amid Token and Market Recovery?

• Curve Finance founder, Michael Egorov sold significant amounts of CRV tokens over the past few months.
• The founder’s actions often have an impact on the token’s price, suggests historical data.

After the past day shook the market, prices have rebounded quite swiftly. Bitcoin, despite revisiting the $74K range, recovered quickly to the $80K range over the last 24 hours. This resulted in a recovery in altcoins, although other subsectors see a silent cloud hanging over them.

Notably, despite the lack of market activity, one particular crypto personality caught market attention. The founder of Curve Finance, Michael Egorov sold Curve DAO tokens worth approximately $108K a few hours ago. As reported by on-chain analyst, Spot On Chain, the founder offloaded 236,457 CRV.

Moreover, Egorov had been selling Curve Finance’s CRV tokens several times over the past month. Previously, on March 26, he sold 1.997 million tokens just after selling 468K CRV two days before that. The Curve Finance founder’s continuous offloading of the tokens has raised speculations. In February, Egorov’s selling triggered bearish movements in the token.

Particularly, the past day’s sale was followed through despite CRV showing significant revival over the last 24 hours. According to Arkham Intelligence data, Michael Egorov currently holds 185.436K tokens worth $86.32K approximately.

Curve DAO Token (CRV) Price Overview

In the last 24 hours, along with the market, the Curve DAO Token has also shown signs of price revival. On inferring its daily price chart, CRV depicts a 9.73% increase. In the Asian morning hours of April 7, the altcoin was trading at a low of $0.4005.

However, as bullish candles sparked, it climbed to the current $0.46 level. At the time of writing, Curve DAO Token was trading at $0.4600 as per CMC data. Additionally, if the altcoin sustains current positive momentum it might reach the $0.5 range.

On the other hand, its weekly chart depicts the existing long-term bearish trend. It shows a 12.94% price drop. However, the founder’s selling at a time of revival has raised speculations. In December 2024, Egorov faced speculations of being liquidated by on-chain monitor Peckshield alert which also saw bearish movements.

Source