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.
Curve DAO Spikes 15%
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
Crypto Assets Mark Slight Gains
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.
Also Read: Arbitrum Infinite Launchpad Faces Strong Community Resistance
The post Curve DAO (CRV) Surges 15% Amid Community Burn Proposal appeared first on CoinGape.
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