Curve Finance founder Michael swaps select tokens for CRV

The founder of Curve Finance, Michael Egorov, has swapped some of his tokens for CRV. Per reports, Michael has swapped 15.9 million $T and 24 $ETH tokens for 913,489 CRV tokens. The swap had averaged $0.516 at the time of the process. He still has some of the shares in ETH and T.

While the number for ETH is little known, it is safe to state that Michael has 9.762 million $T tokens. This roughly translates to the worth of $267k. There is a possibility that he may swap a few more tokens for CRV in the days to come. No official statement has been made by Michael, his representatives, or a spokesperson for Curve Finance.

The last activity of Egorov pertaining to CRV tokens was a deposit made to Binance. That was for 23.5 million CRV tokens for a valuation of ~$14.5 million. The deposit was made on Binance at an average price of $0.619 between December 22, 2023, and December 27, 2023.

CRV, a Curve DAO token, is down by 6.59% in the last 24 hours. It is currently exchanging hands at $0.5161. It further reflects a fall of 14.02% in the last 7 days and 23.82% in the last 30 days. However, the 24-hour volume has jumped by 52.34%, and as per the CRV forecast, it is predicted to recover soon. 

The swap could indicate that even though CRV is trading below everyone’s expectations, it will jump to fetch better profits in the coming years. Michael swapping his tokens could also reflect his attempts to accumulate when the token is on the lower side.

Short or long, selling of any kind would be triggered based on how Egorov intends to treat his portfolio. He has a combination of ENS and other tokens along with T, ETH, and CRV.

Interestingly, $T has gained the most value since the announcement. It is listed on the board at $0.033, representing an increase of 13.50% in the last 24 hours. $T is also constantly rising in market cap and 24-hour volume. Current figures are 13.41% and 50.51% in the said order.

Curve Finance has ventured out, seeking votes from community members on the distribution of 1.15 million ARB from the grant across seven pools on Arbitrum. The distribution could happen over 2 months. The community has mixed reactions to this. Some have come forward to cast their votes, while others have asked Curve Finance to work on CRV and its price.

The way CRV is performing has disappointed many members. This is evident by the fact that the value is down, even if someone compares it to last year. The fall is 6.52%, forcing holders and members to ask for a comeback with a better valuation.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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