CREAM, the altcoin project of decentralized finance (DeFi) money market and lending service CREAM Finance, has fallen hard for the second time in less than a month. So, what lies behind the altcoin’s depreciation? Here are the details…
DeFi-focused altcoin CREAM slumps again
It’s not the first time that Cream Finance’s CREAM token is drastically losing value. cryptocoin.com As we reported, her first drop this month came after Cream’s safe was emptied as a result of a hacking attack. The most recent drop came when Cream announced its compensation plan for the victims of this attack. Cream said that to compensate victims of the attack, it will distribute 1.45 million CREAM tokens from the service treasury to affected members. According to CoinMarketCap, Cream has 9 million tokens, of which only 150,000 are in circulation. According to experts, such a rapid expansion of the circulating coin supply also affected the demand and thus the coin price.
The price of the coin dropped from around $88 to $51.78 and surged to $56.44 in recent trades. Before the hack on October 27, CREAM was trading above $152. Then the token dropped to around $100. Also, according to some, what accelerated Saturday’s decline may be that most of the stolen funds were rooted currencies such as ETH. According to proponents of this, getting a refund with a lesser-known crypto like CREAM may not have satisfied investors, let alone the increase in coins in circulation.
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