Recent developments in the cryptocurrency market have led to a decline in RESOLV token prices, prompting speculation about possible internal sales. In response, the Resolv Protocol team issued an official statement to clarify the situation.
Token Buyback and Denial of Rumors
On June 27, Tim Shekikhachev, Resolv’s customer success manager, published a statement confirming that the foundation did not sell any tokens during the recent price downturn. It was noted that a buyback of 1.6 million RESOLV tokens was executed for $240,000, reinforcing that in the current circumstances, the company's team continues to actively purchase its tokens.
Market Situation Analysis
At the time of publication, RESOLV tokens were trading at $0.1497, marking an 11% drop compared to the previous day and a 23% loss over the week. The market capitalization has slipped to $21.09 million, a significant decrease from the recent peak of $31.4 million. Shekikhachev indicated that Resolv has released over 15% of its token supply into the market as part of various initiatives like airdrops and liquidity provision.
Long-term Prospects for Resolv
Despite short-term fluctuations, the Resolv team is focused on creating long-term value. The protocol is continuing to develop its ecosystem, including the USR stablecoin and the RLP insurance liquidity pool. According to Dune Analytics, over $368 million is currently locked in the protocol. Shekikhachev also mentioned plans for reward programs and staking that could help mitigate inflation risks for token holders.
Resolv Protocol demonstrates confidence in its long-term prospects despite the volatility in the cryptocurrency market. The team is committed to fulfilling its obligations in developing the ecosystem and supporting its tokens.
