This development came shortly after Egorov’s recent buyback of 1.08 million tokens for $1.2 million at an average price of $1.114 per token.

However, Egorov has dismissed these claims, suggesting that the tokens in question were connected to the June 10 “uwu” hack. He referred to them as “receipts of Sifu’s promise to repay the hacked funds” rather than legitimate holdings. 

This statement has left room for speculation, as the timing of the supposed liquidation coincided with a sharp 12% decline in CRV’s price.

Signs of Hope Amidst Volatility

On the positive side, Curve DAO has made some progress, the token has shown signs of recovery, trading above $1 for the first time since April last year. The launch of Curve Finance’s decentralized stablecoin, Savings-crvUSD (scrvUSD), has played a significant role in this. 

The stablecoin has boosted the ecosystem’s scalability and attracted more investors, with staking volumes surging to $839.29 million by late November.

Curve Price Update

Following the liquidation reports, CRV’s price dipped to as low as $0.90, before slightly recovering to $0.945, a 13% drop overall. This decline shows that the market is reacting nervously to the news, even with Egorov’s clarifications. 

Looking ahead, if CRV’s price fails to stay above $0.90, it could face a deeper drop, possibly reaching the 0.382 Fibonacci retracement level around $0.83. 

On the other hand, if the price rebounds and climbs back above $1, it could indicate a positive turn, with the potential for the token to move toward the $1.25 resistance level.