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$59,793.00 1.85572
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$3,196.98 1.36823
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BNB
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$535.17 0.14948
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$144.64 3.32082
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$0.5280850 2.20131
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$0.0000173 0.9639
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$0.0000089 1.65637
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$0.0000233 2.9812
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$59,793.00 1.85572
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Ethereum
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$3,196.98 1.36823
Ethereum price
BNB
BNB (BNB)
$535.17 0.14948
BNB price
Solana
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$144.64 3.32082
Solana price
XRP
XRP (XRP)
$0.5280850 2.20131
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000173 0.9639
Shiba Inu price
Pepe
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$0.0000089 1.65637
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Bonk
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$0.0000233 2.9812
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Bitcoin
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$59,793.00 1.85572
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Ethereum
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$3,196.98 1.36823
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BNB
BNB (BNB)
$535.17 0.14948
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Solana
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$144.64 3.32082
Solana price
XRP
XRP (XRP)
$0.5280850 2.20131
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Shiba Inu
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$0.0000173 0.9639
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Pepe
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$0.0000089 1.65637
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Bonk
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$0.0000233 2.9812
Bonk price
Bitcoin
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$59,793.00 1.85572
Bitcoin price
Ethereum
Ethereum (ETH)
$3,196.98 1.36823
Ethereum price
BNB
BNB (BNB)
$535.17 0.14948
BNB price
Solana
Solana (SOL)
$144.64 3.32082
Solana price
XRP
XRP (XRP)
$0.5280850 2.20131
XRP price
Shiba Inu
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$0.0000173 0.9639
Shiba Inu price
Pepe
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$0.0000089 1.65637
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Bonk
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$0.0000233 2.9812
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CRV price plunges 25% following Curve Finance founder’s multi-million liquidation

crv-price-plunges-25-following-curve-finance-founders-multi-million-liquidation
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CRV price plunges 25% following Curve Finance founder’s multi-million liquidation

The founder of Curve Finance, Michael Egorov, got liquidated on several multi-million dollar positions, causing a 25% drop in the price of CRV.

Michael Egorov, the founder of Curve Finance, has seemingly been liquidated on multiple multi-million dollar positions, causing a sharp decline in the price of the CRV token. The token’s price plummeted by 25% on Jun. 13, with losses reaching up to 30% at one point. As of press time, CRV is trading at an all-time low of $0.25, according to data from CoinGecko.

Egorov’s liquidations are due to high-stake positions backed by CRV as collateral, Lookonchain reports, adding that the Curve Finance founder has over 111 million CRV tokens used as collateral and more than $20 million in debt across several platforms, including Inverse, Frax Finance, and UwU Lend.

In response to CRV’s sharp decline, Frax Finance said in an X post that “there is zero bad debt on Fraxlend due to our partial liquidation, DDR, isolated lending design.” According to data from blockchain forensics firm Arkham Intelligence, three of Egorov’s accounts constitute over 90% of the borrowed crvUSD on the protocol.

Meanwhile, centralized cryptocurrency exchanges are seeing a surge in CRV deposits, with their CRV balances reaching an all-time high, increasing by 57%, as pointed out by CryptoQuant’s founder Ki Young Ju.

Founded in 2020, Curve Finance raised millions from its backers, aimed at facilitating the efficient trading of stablecoins through its automated market maker platform. The project was backed by Binance Labs, Platinum Capital VC, WhiteBlock Ventures, and Cluster Capital among others, according to data from PitchBook.