Curve DAO (CRV) Token Rebounds 15% Today as Bulls Target Burn Vote to Recoup Lost Profits

Curve DAO token, CRV, has risen 15% today due to a 10% burn request following a severe price decline this week.

Curve (CRV) has increased by 15% today as a 10% burn request is being processed following severe price declines this week.

Positive day trading has seen the asset largely outperform the broader market, which is trading sideways as bulls attempt a rebound from recent losses.

After suffering heavy losses on June 13, CRV holders will now vote on a burn proposal to help stabilize the token.

Key Points

Curve DAO’s native token has risen by 15.3% in the last 24 hours as bulls rally to recoup lost profits.

Despite these daily gains, the asset is down 19% this week following significant losses on June 13.

Monthly statistics are also in the red zone, dropping to 22%. Although CRV’s decrease was more pronounced, the broader market suffered losses this week, with other altcoins experiencing double-digit declines.

With recent increases, Curve Dao’s market capitalization is just over $406 million, while daily fading volumes exceed $200 million, marking an 8% decrease in the market.

As bulls attempt to regain lost ground, some in the community are anticipating a run based on the burn vote. At the time of writing, CRV is trading at $0.31 up by 17%, with hopes for further increases.

This week, the asset’s 34% price decrease caused the founders to liquidate their positions, costing them millions. Michael Egorov had positions liquidated at four platforms, leaving him with a total of $20 million in debt to the crypto lenders.

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 stated his commitment to repaying the bad debt formed due to his actions. True to his words, bed debt is zero now.

News source：https://www.kdj.com/cryptocurrencies-news/articles/curve-dao-crv-token-rebounds-bulls-target-burn-vote-recoup-lost-profits.html

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