$CRV Experiences Downturn After Recent Centralized Exchange Inflow, Signaling Potential Profit Sell-off
The $CRV DAO token, integral to the Curve platform facilitating stablecoin and asset trading, has encountered a 4% decline in its 24-hour chart, triggered by substantial token deposits on a centralized exchange (CEX). As reported by Lookonchain on X (formerly twitter), Curvefi founder Michael Egorov deposited 2.5 million $CRV ($1.54 million) on Binance just 8 hours ago. This follows a larger trend, with Egorov depositing a total of 23.5 million $CRV ($14.5 million) on Binance over the past 5 days. Of course, these multiple deposits might signal a selling pressure to many traders and investors. Most times, investors move assets to exchanges when they want to take profit from a trade or completely sell off all the holdings. Recall, $CRV has risen a moderate over 15% increase in last months so, this action for many traders can mean a selling […]