CYBER Price Plunges 22% After Error In The Emergency Proposal
In a startling turn of events, the cryptocurrency community was left confused as CyberConnect’s official X (Twitter) account admitted to a significant error in the emergency proposal CP-1, leading to a substantial market reaction. The error, which resulted in the proposal’s rejection, had a significant impact on the CYBER token’s value.
CYBER Price Plunges 22% After Team’s Mishap
The snapshot proposal CP-1 was originally intended to allocate 1,088,000 CYBER tokens from the Community Treasury. However, a typing error led to the proposal mistakenly stating a significantly larger number. This discrepancy was quickly identified and acknowledged by the CyberConnect team.
The rejected proposal’s main purpose was to utilize the token from the Community Treasury for providing liquidity in various bridging services, including CYBER-ETH, CYBER-BSC, and CYBER-OP pairs. The proposal incorrectly stated that a total of 7,000,000 CYBER-BSC and 3,888,000 CYBER-ETH would be used, whereas only 1,088,000 tokens had been unlocked for the Community Treasury at the time.
Following this revelation, the CYBER token experienced a sudden and dramatic drop in value, plummeting by more than 20% within a single hour. Investors and traders were left grappling with the unexpected turn of events.
However, the CYBER token has displayed resilience amidst the chaos, showing signs of recovery after the initial shock. At the time of reporting, it remains down by over 2% in the last hour, indicating a level of stabilization after the initial market frenzy.
Also Read: Massive 66.7 Million XRP Transfer From Binance To Unknown Wallet, Is $1 Near?
Korean Traders Driving CYBER’s Price
Remarkably, CYBER’s recent price performance has been nothing short of spectacular, with gains exceeding 160% over the past week. This spectacular rise has sent the token to $9.55, beating even Bitcoin and Ethereum.
Delving further into the rally, it becomes evident that the surge is driven largely by Korean traders, known for their involvement in rapid price movements and volatility. Notably, there have been disparities in the token’s valuation across different exchanges, with CoinGape Media reporting a value of approximately $9.3 on Binance and nearly $15, on Upbit. It is interesting to more that Upbit is a South Korean exchange.
Also Read: Bitcoin (BTC) Investors Need to Brace for Brutal September, $20,000 Coming?
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