Major Liquidation Hits CRV as Market Decline Continues

LookOnChain recently reported a significant liquidation event involving Michael Egorov, a prominent figure in the cryptocurrency space. Following a market drop, Egorov was liquidated for 2.67 million CRV tokens, valued at approximately $677,000. This event occurred 20 minutes prior to the report. Egorov still has 10 million CRV tokens, worth around $2.5 million, staked in UwU Lend. His health rate on the platform has plummeted to a critical 1.09.

The transaction snapshot from UwU Lend revealed the mechanics behind the liquidation. The snapshot detailed a liquidation call involving assets such as $614,393.7258 in variableDebtDAI, valued at $614,332.29, and 2,666,184.9244 uCRV, valued at $677,477.59. 

This liquidation process indicates a forced sale of assets to cover the outstanding DAI debt. Decentralized finance (DeFi) platforms like UwU Lend use such mechanisms to ensure borrowed amounts remain adequately collateralized. In this case, the sale of CRV tokens was triggered as the collateral value fell below the required threshold, highlighting the platform’s risk management protocols.

Elsewhere, analyst Waleed Ahmed provided additional insights through a weekly price chart for CRV/USDT on Binance, covering the period from 2021 to 2024. Historical price movements showed CRV peaking multiple times, particularly in early 2021 and late 2021 to early 2022. Periods of consolidation and gradual decline followed these peaks, indicating market corrections and shifts in investor sentiment.

Recently, the price has remained stable around this support level, suggesting a potential accumulation phase. This stability could indicate long-term investors are buying in anticipation of future price increases.
As of press time, Curve DAO (CRV) is priced at $0.2561, with a 24-hour trading volume of $84,212,510. This reflects a -4.57% price decline in the last 24 hours and a -10.45% decline over the past seven days.

With a circulating supply of 1.2 billion CRV, the market cap stands at $303,389,310. The extended period of price stability at a key support level could be a signal for potential upward movement, particularly if positive momentum begins to build.