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- The error, which led to the proposal’s rejection, significantly impacted the price of CYBER.
- Despite the recent decline, CYBER remains up 89% over the past seven days.
The price of the CYBER token experienced a sharp decline following the revelation that CyberConnect’s official Twitter account acknowledged a major error in the emergency proposal CP-1. This mistake, which resulted in the proposal’s rejection, severely affected the token’s market value.
The proposal aimed to distribute 1,088,000 CYBER tokens from the Community Treasury via a snapshot. However, a typographical error led to a significant overestimation in the figures. CyberConnect management identified and acknowledged this discrepancy immediately.
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The primary objective of the rejected proposal was to utilize tokens from the Community Treasury to facilitate trading pairs such as CYBER-ETH, CYBER-BSC, and CYBER-OP. The error lay in the fact that only 1,088,000 tokens were actually available in the Community Treasury, despite the proposal stating that 7,000,000 CYBER-BSC and 3,888,000 CYBER-ETH would be utilized.
According to CoinMarketCap (CMC) data, the CYBER token price dropped by nearly 46%. This sudden shift left investors and traders puzzled.
Source: CoinMarketCap
Despite this uncertainty, the CYBER token has demonstrated resilience; although the price continues to trade in the red, it has increased by more than 160% over the past week. It remains up 89% over the last seven days despite the recent downturn. According to CMC, CYBER is currently trading at $7.23, down 46.88% in the last 24 hours. Additionally, trading volume has surged by 109%.
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