Curve DAO token, CRV, has risen 15% today after the recent crash in the aftermath of Michael Egorov’s liquidation. Positive day trading has seen the asset outperform the broader market, which is trading sideways as bulls attempt a rebound.
Curve DAO’s native token is up 15.3% in the last 24 hours, as bulls rally to recoup lost profits. Despite these daily advances, the asset is down 19% this week, following significant losses on June 13.
Monthly statistics are likewise in the red zone, dropping to 22%. Although CRV’s decrease was more pronounced, the overall market suffered losses this week, with other altcoins experiencing double-digit declines.
Curve Dao’s market capitalization is slightly higher than $406 million following recent increases, however, daily fading volumes exceed $200 million, representing an 8% dip in the market.
As bulls try to reclaim lost ground, some in the community predict a run based on the burn vote. At press time, CRV is trading at $0.31 rising 17%, with hopes for further rises.
This week, the asset’s 34% price decrease forced the founders to liquidate their positions, wiping them millions. Michael Egorov lost positions in cryptocurrency lenders, sinking into a $20 million debt across four platforms.
Similarly, a user’s CRV valued at $3.3 million was liquidated subsequently. As a result, the proposal to burn 10% of the total supply is intended to maintain market stability.
Following the crash, Egorov committed to repay the bad debt formed due to his actions. True to his words, bed debt is zero now.
Correction:
The previous mention of the Token Burn proposal was misinformation and has been removed.
