The Curve DAO price has increased for the second consecutive day following a reduction in token emissions by the developers.

Curve DAO token surged to $0.3161, marking its highest level since July 15 and a 77% increase from its lowest point on Monday, Aug. 6. This uptick occurred despite a pullback in Bitcoin and other altcoins. Notably, Sui, Dogwifhat, and Aptos were among the worst performers on Tuesday.

In a recent update, Curve DAO developers announced their decision to cut emissions for the fifth consecutive year. Initially, 274 million new CRV tokens were introduced in 2020, but this number has now been reduced to 162.7 million.

Consequently, the total supply of CRV has decreased to 2.09 billion tokens, with approximately 930 million of these locked in the platform as veCRV. The developers aim to enhance the value of the CRV token, which has seen a significant decline over the past few years. The market cap peaked at $3.02 billion in 2020 but has since dwindled to $369 million.

Curve Finance, a key player in decentralized finance, has experienced a reduction in market share over the years. Current data indicates it holds about $2 billion in assets across 17 chains, including Ethereum, Arbitrum, and Polygon. The platform has slipped from a top-ten DeFi platform to the 14th largest.

The asset decline, from over $23 billion, can be attributed to several challenges. The network lost $70 million in a major hack in 2023 and $2.8 million in an attack on its integration with Yearn Finance in November 2020.

The token has also faced selling pressure as large holders were liquidated recently. Michael Egorov, the founder, was liquidated in June as the token price dropped.

The CRV token remains considerably lower than its value a few months ago. It peaked at $0.877 in March and has since decreased by over 63% to $0.3170.

Currently, the Curve DAO token has surpassed the 50-day moving average and is targeting the 23.6% retracement point. A potential further upside could be confirmed if it exceeds the 23.6% retracement level at $0.2435. If this occurs, it could rise to the psychological level of $0.40, particularly if Bitcoin and other cryptocurrencies recover.

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