Curve DAO (CRV) Rises 15% Amid Proposal to Burn Down Society
Curve DAO Token CRV is up 15% today with a 10% burn bid following this week’s sharp price drop. Positive day trading saw the asset outperform the broader market, which traded sideways as bulls attempted a recovery. CRV holders will now vote on the burn proposal to stabilize the token.
Curved DAO Rises 15%
Curve DAO’s native token is up 15.3% in the last 24 hours as bulls move to regain lost gains. Despite these daily gains, the asset is down 19% this week following big losses on June 13. Monthly figures are also in the red zone, falling to 22%. Although the decline in CRV was more pronounced, this week saw broader losses with some altcoins posting double-digit declines.
Curve Dao’s market cap is just over $406 million following recent gains, while daily declining volumes have resulted in an 8% decline in the market at over $200 million. As the bulls try to regain lost ground, some in the community are running behind the burn votes. At press time CRV It is trading at $0.32 as new gains are seen.
This week, the asset’s 34% price drop liquidated the founder’s positions and millions were wiped out. Michael Egorov Crypto lenders hit $20 million in debt across four platforms Similarly, one user’s CRV worth $3.3 million was later liquidated. As a result, the proposal to burn 10 percent of the total supply is aimed at maintaining control and market stability.
Crypto Assets Point to Slight Gains
After a week of bearish trading, digital assets begin to recoup previous losses Ethereum Today, it is trading at $3,567, up 3%, while BNB and solana (SOL) are trading 0.8% and 1.17% at $606 and $145, respectively. Solana is below the $150 level, which is pushing upward price action similar to entries in the first quarter of 2024.
Curve DAO outperformed altcoins today, while some new memecoins gained 50x on the back of positive sentiment.
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David is a financial news writer with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has a talent for keeping up with breaking news. Staying on top of trends, David is knowledgeable about regulations, partnerships, crypto assets, stocks, NFTs, etc. He reported in various fields such as. Away from the financial markets, David cycles and rides horses.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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