Curve DAO Token Price dropped to as low as $0.44 on Wednesday. This is due to the recent attack on several stable pools, and most other crypto tokens have also lost their recent gains. Analysts have pointed out potential drops to liquidation levels below $0.40.
Since the attack, bears have been in control of Curve’s price, and the next price level is $0.4. The crypto market is currently lacking direction clarity as traders are searching for a fresh trigger, with a significant amount of attention now on the Federal Reserve’s Jackson Hole summit.
Bitcoin and ether are still near their key levels, while XRP is struggling to stabilize above $0.50. Ripple has yet to recover from the price explosion it experienced in early 2018.
CRV’s price decline comes after bulls managed to recover above $0.64 at the beginning of the month. This was followed by a dump, and traders are now concerned with possible whale dumping to avoid further damage due to the OTC sale of CRV.
To help stabilize the token, 210 million CRV were sold at an average price of $0.40 with buyers agreeing to a six-month lockup period. This has led to speculation that the price may drop to $0.37 if liquidated, as noted by Crypto Trader and analyst Hsaka in a Twitter post.
Regardless of the efforts by Michael Egorov to stabilize the token, Curve is still slowly bleeding. OTC buyers are now trading their CRVs on exchanges, which could lead to price reductions down to $0.40 and liquidation levels below $0.37.