Is Curve DAO Token Going to Zero? CRV Price Drops 20% and New Meme Coin Surpasses $300,000 in Funding
CurveDAO (CRV) is continuing to tumble to rock-bottom prices more than a month after a dramatic exploit send shockwaves through the Curve Finance ecosystem - with spectators predicting Curve DAO token going to zero, will CRV sink-or-swim?
Catastrophe struck the leading DeFi ecosystem on July 30, when more than $61m was stolen from Curve Finance pools running using the Vyper programming language - sending shockwaves through DeFi markets.
In the aftermath of the incident, CRV plunged -20%, and with the ecosystem still reeling in what has been labelled a 'DeFi stress test' - market confidence has been fraying in this once promising project.
Yet, amid the gloom and doom, there are signs of an ecosystem in recovery mode.
The recent CurveDAO proposal #394 to whitelist DeFi protocol PrismaFi saw huge DAO engagement, with the second-highest voter turnout in the history of CurveDAO.
This showcases the resilience of an ecosystem in recouperation, but as CRV continues to grind-down in price, will it be enough to trigger a reversal on the charts?
Amid the recovery effort, CurveDAO token is currently trading at a rock-bottom market price of $0.47 (a 24-hour change of -0.86%).
This comes in the midst of a tumultuous August, which has seen CRV so far bleed-out -19.5% since August 1 as market confidence continues to ebb-away from Curve.
Now mounting a last-ditch consolidation attempt at the rock-bottom $0.45 support level - everything is to play for as CRV risks a complete breakdown.
The seismic drop on July 30 saw CRV fall away from a ceiling of resistance around the now descendant 20DMA, and this moving average will act to supress upside potential on the short-time frame.
While the 200DMA remains steadfast at $0.84, high above ongoing price
Read more on cryptonews.com
