DWF Labs has decided to sell all its CRV token holdings amidst a continued decline in their price. The decision follows the acquisition of CRV tokens from the Curve DAO founder at around $0.40.
Reasons behind the CRV token sale
CRV has faced a significant price decline following a hacking incident in 2023. Currently, the token price has dropped by over 45% year-to-date, leading to its loss of a spot among the top 100 cryptocurrencies.
Details of the deal
According to Spotonchain, DWF Labs deposited all 12.5 million CRV, worth approximately $4.12 million, to Binance over the past few days. The last 10.5 million CRV were transferred out in the past 9 hours.
Forecasts and prospects
The Curve DAO founder recently submitted proposals for Community Fund support, requesting 21 million CRV to continue development and support the Swiss Stake team. Questions in the Curve DAO community have arisen concerning the use of these funds and their potential impact on the project's future.
The current situation with CRV tokens highlights the challenges faced by cryptocurrency projects following security incidents. However, the proposals from the Curve DAO founder could bring positive changes and support further development.
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