Saturday, April 6, 2024

Shopping for The Dip: Tron Founder Justin Solar Buys 5 Million CRV In OTC Deal

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The Curve (CRV) token has been in free fall ever for the reason that Sunday re-entrancy exploit that noticed tens of thousands and thousands of {dollars} stolen from the protocol. Nonetheless, whereas most have shied away from the altcoin, anticipating it to fall additional, the likes of Tron founder Justin Solar appear to have taken its present downtrend as a chance to snap up CRV tokens for affordable.

5 Million OTC Deal For Curve Token

On Tuesday, the on-chain knowledge monitoring web site Lookonchain highlighted a few peculiar transactions that had taken place between Tron founder Justin Solar and Curve founder Michael Egorov. This concerned the motion of USDT and CRV tokens forwards and backwards between the general public addresses of each founders.

The primary transaction originated from Justin Solar’s deal with the place he transferred a complete of two million USDT to Egorov’s Founder 1 pockets. After which about three minutes later, the Founder 1 pockets despatched again a complete of 5 million CRV tokens to Solar’s pockets.

Solar's buys CRV OTC from Egorov | Supply: Twitter

Given the timing and circumstances round these transactions, the almost certainly clarification is that Solar is at the moment shopping for CRV tokens over-the-counter (OTC) from Egorov. If that is so, then Solar is getting an excellent deal on these tokens regardless of the decline.

As Lookonchain factors out, provided that Solar truly despatched 2 million USDT in return for five million CRV tokens, then the Tron founder is getting the tokens at a median value of $0.4 per token. CRV tokens are at the moment buying and selling within the open market at $0.588 on the time of this writing, which suggests Solar is getting a 30% low cost on his buy.

Curve (CRV) token price chart from

Curve token value holding at $0.588 | Supply: CRVUSDT on

Can CRV Nonetheless Get better From Right here?

During the last two days, Curve has been within the headlines as a result of exploit and open curiosity has risen to match this newfound ‘fame’. Solar’s OTC deal is without doubt one of the many massive transactions which have taken place over this time.

On Monday, Bitdeer founder Jihan Wu reiterated his assist for the token, asserting that he had been shopping for CRV tokens as nicely. Based on Wu, his wager is on the functions of Curve within the real-world belongings area as tokenized belongings have been forecasted to succeed in a $30 trillion market cap by 2030.

Given the large assist that has rapidly surrounded Curve, it’s no shock that the altcoin has been in a position to maintain above $0.5, that means it has fallen lower than 50% from its Sunday value. Founder Michael Egorov additionally made a notable transfer by paying again 5.13 million in FRAX stablecoins that have been borrowed utilizing 12.5 million CRV tokens.

So long as shopping for stress continues to mount from this degree, then it’s attainable that the DeFi token will return to its Sunday value above $0.7.

Observe Finest Owie on Twitter for market insights, updates, and the occasional humorous tweet… Featured picture from BNN Bloomberg, chart from

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