The Curve DAO Token, $CRV, has experienced a decline of 12% and 19% in the past 7 and 30 days, respectively, reflecting the broader downward trend in the cryptocurrency market.

Despite the dip, there are signs of strategic buying activity. On-chain reports suggest that DWF Labs has once again entered the market to acquire $CRV during this period of price weakness.

Michael Egorov, the founder of Curve, recently executed a swap, exchanging 500,000 USDT for 826,764 CRV at an average price of $0.605. 

Interestingly, Egorov received the USDT for the CRV purchase from DWF Labs’ wallet address 0x53c shortly before completing the transaction. This indicates that DWF Labs initiated the repurchase of $CRV tokens.

It seems like DWF Labs bought $CRV again!

DWF Labs (@DWFLabs) 0x53c transferred 500K $USDT to Michael Egorov (@newmichwill, #Curve founder) 0x32D 9 hours ago.

And around 2 hours ago, Michael Egorov swapped all 500K $USDT for 826,764 $CRV at $0.605!

Note that on Aug 1, 2023,… pic.twitter.com/lLanmx81nt

— Spot On Chain (@spotonchain) April 4, 2024

It’s worth noting that DWF Labs previously engaged in a significant transaction with Egorov on August 1, 2023, where they purchased 12.5 million CRV tokens for 5 million USDT at an OTC price of $0.4. 

Currently, DWF Labs still holds these tokens, which are valued at approximately $7.6 million, positioning them as the second-largest holding in their portfolio.

The recent buying activity by DWF Labs amidst the $CRV price decline suggests a strategic move to accumulate assets at lower prices. 

This approach aligns with market dynamics where strategic investors capitalize on market downturns to strengthen their positions in promising projects like Curve DAO.

As market conditions continue to evolve, investors will closely monitor the actions of key players like DWF Labs and Michael Egorov for insights into potential market trends and opportunities within the cryptocurrency space.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: artemisdian/123RF // Image Effects by Colorcinch

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