As cryptocurrency investors continue to struggle with a dull market environment, CRV Token investors are embarking on the most important day of the year. Just like the halving day for Litecoin or Bitcoin, today holds a similar significance for CRV. So, what makes today special for CRV Token investors? We will discuss all the details for you.
CRV Token Important Development
According to Diligent Deer, CRV token will undergo its fourth emission reduction today, August 13. This will decrease the inflation rate of CRV by 15.9% annually, reducing it from approximately 532,000 CRV per day to around 448,000 CRV Token. CRV reduces its production by 15.9% every year on August 13. Currently, the total CRV supply is about 1.995 billion, with approximately 712 million CRV locked.
Today can be compared to the halving event of Litecoin or Bitcoin. The rapid erosion of token inflation is aimed through the planned reduction of token emission rate until 2140. However, CRV Token still has a high inflation rate.
By the end of next year, 76% of the total supply will be in circulation. By 2030, 90% of the supply will be in circulation. In 2034, only 5% of the locked supply will remain, resulting in a significant reduction in inflation.
CRV Token Price Analysis
Between 2020 and 2021, only 29% of the supply entered circulation. At the end of the bull season, the supply suddenly increased to 47%. In the past year, the team released 60% of the supply, causing them to feel the impact of high inflation. Both the market decline and the high inflation of CRV Token negatively affected investors. Moreover, strategic moves such as hacks and manipulative attacks on the stablecoin pool have affected the token.
Now that the supply will enter circulation at a slower pace, if the demand increases at a faster rate, we can expect a price increase. It is hoped that today’s restriction will have a positive impact on the price. At the time of writing this article, the popular altcoin, which was trading at $0.58, can expect further gains as long as it holds above the $0.55 support level.
