Token

Burn

Curve DAO token, CRV, has risen 15% today due to a 10% burn request following a severe price decline this week. 
Positive day trading has seen the asset outperform the broader market, which is trading sideways as bulls attempt a rebound. CRV holders will now vote on a burn proposal to help stabilize the token.&nbsp; 
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.&nbsp; 
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 <a href="https://coinmarketcap.com/currencies/curve-dao-token/" target="_blank" rel="noreferrer noopener nofollow">trading</a> at $0.31 rising 17%, with hopes for further rises.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXdjyPQsvabAjtOdNRVzMJiGsNBCNUEna5i_zbDz51UuzP2R8gFL8L1MolFdbWo0PaLpBkwK8kZmHroc_jTRgAt-Qrz35vrCL36clPmzyyMTEVGIAQ3CD-soQCnD14G9cZe8sa83rSESElJ-LILTB95i83-d?key=AY7XRLEMho1h3y2KtSyYKQ" alt="AD 4nXdjyPQsvabAjtOdNRVzMJiGsNBCNUEna5i zbDz51UuzP2R8gFL8L1MolFdbWo0PaLpBkwK8kZmHroc jTRgAt Qrz35vrCL36clPmzyyMTEVGIAQ3CD soQCnD14G9cZe8sa83rSESElJ LILTB95i83 d?key=AY7XRLEMho1h3y2KtSyYKQ">
 <figcaption class="wp-element-caption">
 Price of Curve DAO token, Source: CoinMarketCap
 </figcaption>
</figure> 
This week, the asset’s 34% price decrease forced the founders <a href="https://www.cryptotimes.io/2024/06/13/curve-founder-faces-liquidation-as-crv-token-price-drops-28/" target="_blank" rel="noreferrer noopener">to liquidate their positions</a>, 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.&nbsp; 
Following the crash, Egorov <a href="https://x.com/newmichwill/status/1801607868602331545" data-type="link" data-id="https://x.com/newmichwill/status/1801607868602331545" target="_blank" rel="noreferrer noopener">committed</a> to repay the bad debt formed due to his actions. True to his words, bed debt is zero now. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/14/curve-finance-responds-to-10m-liquidation-event/" target="_blank" rel="noreferrer noopener">Curve Finance Responds to $10M Liquidation Event</a> 
</blockquote>

CRV Token Surges 15% Post Burn Proposal Amid Market Recovery

The Crypto Times

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