Despite Strong Weekly Start With BTC Surge, This Top 50 Coin Drops 13%

Following a week of negative price action, Bitcoin rebounded close to $31,500 on Monday, with an upwardly movement of 5.6%. Ethereum, on the other side, rose by 6.7% and hovering on the edge of the $1,900 mark but eGold price stood on negative side. This positive price momentum comes at a time when China eased its Covid restrictions.

Bitcoin’s price movement had an overall rippling effect on not just on the top 10 coins but also the overall market. Meanwhile, there is one outlier among the best performing cryptocurrencies.

eGold Price Drop

In the last 24 hours, the eGold (EGLD) token price dropped by 13.16% due to a set of suspicious activities. From trading at upwards of $75 in the last 24 hours, the Elrond network token dropped to as much as $65.

As of writing, eGold price was trading at $65.75, according to CoinMarketCap. With a market cap of $1,452,183,099, the token stands at a ranking of 42.

The eGold price drop began after Beniamin Mincu, founder and chief executive officer of Elrand network, made an announcement. This led to gradual decline in eGold price within a space of few hours.

“Investigating a set of suspicious activities on the Maiar DEX. We are here, all hands on deck. Will update as soon as analysis is clear.”

Hours after the announcement, Mincu gave an update saying the potential issue has been identified. He said the Elrond team is working on an emergency fix.

Token Subjected To ‘Suspicious Activities’

At the centre of the suspicious activity are certain security implications on the Maiar decentralized exchange. The eGold founder said the problem was isolated and a fix was deployed.

“We have identified a situation with potential security implications. After a serious analysis we have identified that the best way to ensure user protection is to pause a few critical components such as DEX and APIs.”

In a latest update, Mincu said there was steady progress in fixing the situation. “We are making great progress on the recovery plan.” He added that an update on the potential next steps would be disclosed “in the next 1-2 hours.”

Anvesh is keen on writing about major announcements around crypto adoption by institutions and popular personalities. Having been associated with the cryptocurrency industry since 2016, his interest in this space helped pivot his journalism career to the blockchain ecosystem. Follow him on Twitter at @AnveshReddyEth and reach out to him at anvesh (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.