Curve DAO token, CRV has jumped 15% today amid a 10% burn proposal after a sharp price drop this week. Positive day trading has seen the asset outpace the wider market which trades sideways as bulls attempt a rebound. CRV holders will now vote on a burn proposal to stabilize the token.
The native token of Curve DAO is up 15.3% in the last 24 hours as bulls ignite to recover lost gains. Despite these daily gains, the asset is down 19% this week after huge losses on June 13. Monthly figures are also in the red zone plunging to 22%. Although CRV’s decline was more pronounced, the wider saw losses this week with some altcoins recording double-digit setbacks.
Curve Dao’s market capitalization is slightly over $406 million after recent gains while daily fading volumes are over $200 million, an 8% drop in the market. As bulls attempt to gain lost ground, some within the community tip a run on the back of the burn vote. At press time CRV trades at $0.32 with sights on new gains.
This week, the asset’s 34% price drop liquidated the founder’s positions as millions were wiped out. Michael Egorov lost positions on crypto lenders plunging into $20 million debt on four platforms. Similarly, a user’s $3.3 million worth of CRV got liquidated afterward. As a result, the proposal to burn 10% of the total supply is for control and to preserve market stability.
The Curve Finance team and I have been working to solve the liquidation risk issue which happened today.
Many of you are aware that I had all my loans liquidated. Size of my positions was too large for markets to handle and caused 10M of bad debt. Only CRV market on…
— Michael Egorov (@newmichwill) June 13, 2024
After a week of downward trading, digital assets begin to pick pace wiping out previous losses Ethereum trades at $3,567, soaring 3% today while BNB and Solana (SOL) 0.8% and 1.17% to trade at $606 and $145 respectively. Solana is below the $150 level pushing for an increased price action similar to Q1 2024 inflows.
Curve DAO has outpaced altcoins today while some new meme coins recorded 50X gains following positive sentiments.
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