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Curve DAO‘s (CRV) price is rapidly increasing, fueled by growing positive sentiments that suggest an end to the significant challenges it has faced in recent days. The price of CRV has risen over 17% in the past 24 hours, trading at $0.6638. This price movement has helped Curve DAO recover a significant portion of the value it lost last week.
Factors Driving the Rise in CRV Price
One of the key factors contributing to the rise in CRV price is the assurance from the project’s founder, Michael Egorov, that the efforts to address the damage caused by the hack attack and its aftermath will no longer pose a significant bottleneck to the protocol’s future potential.
Furthermore, Egorov has significantly repaid the high amount of loans he took by using his CRV holdings as collateral, which experts believe is quite challenging to accomplish. In addition to repaying the loans, Egorov has started returning a significant portion of the funds stolen from Curve Finance during the attack, as confirmed by encrypted messages on the blockchain.
The overall support from the DeFi community has played a crucial role in leaving behind the damage caused by the attack on Curve DAO. While institutions have played a key role in assisting the recovery of the stolen funds, individual investors have not lost faith in CRV, as evidenced by the nearly 100% increase in total trading volume to $244.47 million in the past 24 hours.
Are the Bad Days Over for Curve Finance?
The ongoing recovery in CRV price is a positive sign that the worst days may be behind this leading altcoin. Although there is still a long way to go for CRV to fully recover, the crypto community appears relieved that Curve Finance, like Poly Network, may experience a recovery with the repayment of the stolen funds.
