Chronos is in red after the proposal of the community to undo a major token, which burnt 70 billion tokens in 2021.
The last check on Sunday, Chronos (CRO) – which was previously known as Crypto.com – is in red. See below.
Third -party data as a recession suggests that the amount of token handled in decentralized exchange protocols such as VVS finance has jumped.
As Defee lama, The weekly volume rose 140% to $ 123.2 million, causing a total of $ 13 billion. Most of this volume were from VVS Finance, the largest dex network on Chronos, which handled $ 92 million in the last seven days.
This growth explains why VVS tokens have jumped from double digits in the last few days.
Second, there are indications that the Chronos community will reject the recently unveiled proposal, believing that there will be more weakening.
Their goal is to release again 70 billion Tokens, which will bring the total tokens up to 100 billion in circulation. These new tokens will be allocated to the Chronos Strategic Reserve, which will be subject to a new 5-year lockup.
The purpose of Chronos is to use these funds to develop the network, including investing in ETF supported by CRO.
However, users have destroyed the move, given that it will motivate it to be more weak because more tokens are added to those in circulation. This also means that developers can release more tokens in future.
Voting data Show That the result of voting will be close. 50.92% of the voters have supported the new proposal, while 48.56% have rejected it. A lot may change before the voting period ends on 17 March.
For the proposal to go, supporters need to win with sufficient quorum. The quorum is now 23.50%against the required 33.40%.
Chronos price technical analysis
The daily chart shows that the CRO price was at $ 0.0700 this month. This was a notable level in November and August last year.
The rebound was in the form of two rows of the flying veg pattern, which was near their confluence level. In addition, the relative power index and the MACD indicator have indicated upwards.
Therefore, the more chronos price profit will be confirmed if it increases at $ 0.1 over the 50-day moving average. Such steps will benefit more, potentially up to $ 0.1400 to the major resistance level, the highest swing on 30 April.
