DWF Labs has offloaded its entire Curve DAO Token (CRV) holding to Binance, incurring a 17.5% loss. During last year’s market turmoil, the crypto trading firm acquired these tokens over the counter (OTC) from Curve’s founder, Michael Egorov. The CRV tokens were purchased at approximately $0.40 each, higher than the current market value.
The value of CRV has been on a downward trend since the hacking incident in 2023. Over the year-to-date (YTD) period, the price of CRV has dropped by more than 45%, causing the token to lose its position among the top 100 cryptocurrencies by market capitalization.
DWF labs liquidate CRV holdings
According to data from Spotonchain, DWF Labs recently deposited all its CRV holdings to Binance. The firm offloaded 12.5 million CRVs, valued at around $4.12 million, within the last 28 hours. Of this amount, the final 10.5 million CRV, worth approximately $3.44 million, were transferred within the past 9 hours.
DWF Labs had acquired these tokens at an OTC price of $0.40 each. However, the average price at which the tokens were deposited on centralized exchanges (CEX) stood at $0.33, leading to the recorded loss. This move by DWF Labs is seen as either a strategic exit or an effort to minimize further losses.
The trading firm has been active in the crypto market with other investments. DWF Labs announced plans to purchase $12 million of FLOKI tokens from the open market and Floki’s treasury earlier this year. This followed a previous purchase of $10 million FLOKI tokens in February. The firm’s partnership with Floki began in May 2023, when it accumulated $5 million worth of tokens.
Curve DAO founder proposes new development funding
Curve DAO Token has seen a surge in price, rising by more than 5% in the past week and 20% over the last 30 days. This uptick followed Curve’s founder’s submission of a proposal for Community Fund support.
The proposal, submitted on August 19, seeks 21 million CRV tokens, valued at approximately $6.3 million, to fund ongoing development efforts. The funds would support continued research and development and the maintenance of Swiss Stake’s 25-person team.
The proposal has sparked discussions within the Curve DAO community, with many members calling for greater transparency regarding allocating the requested funds. The community is seeking detailed information on how the funds will be utilized and how they align with Curve’s broader development roadmap.
CRV market performance
As of the latest data, CRV is trading at an average price of $0.329. The token’s 24-hour trading volume has decreased by 40%, now at $102 million, with a market capitalization of $384 million. Despite the recent price surge, the token’s performance remains scrutinized as the community anticipates further developments in Curve’s ongoing projects.
The recent actions by DWF Labs and the new proposal from Curve’s founder highlight the ongoing challenges and opportunities within the CRV ecosystem. Market participants closely watch how these events impact the token’s future performance.