CREAM token Price Plunges yet again

2 min read | November 15, 2021 08:30 PM AEDT | By Daniel Paul Johns

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CREAM token Price Plunges yet again — Image source: Photon photo, Shutterstock.com

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Highlights

The price CREAM token fell from approximately US$88 to as low as US$51.78, according to Messari before bouncing back to US$56.44 in recent trading.

The latest drop comes amidst the DeFi service promising to compensate victims of a security breach, which drained US$260 billion in late October.

Cream said it would issue 1.45 million CREAM tokens to victims of the attack from the service’s treasury.

The price of decentralized finance (DeFi) money market and lending service C.R.E.A.M. Finance’s token took a dive on Saturday, making the second time it has dropped significantly in less than a month. The price of the coin fell from approximately US$88 to as low as US$51.78, according to Messari before bouncing back to US$56.44 in recent trading. This is a huge drop since October 27, where CREAM was trading above US$152. The latest drop comes amidst the DeFi service promising to compensate victims of a security breach, which drained US$260 billion in late October. Of the US$260 million lost, the attacker netted roughly US$130 million worth of various cryptocurrencies. The October exploit caused the price of Cream to fall from US$152 to less than US$90.

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The latest fall, however, comes as Cream promised victims of the attack they would be compensated. Cream said it would issue 1.45 million CREAM tokens to victims of the attack from the service’s treasury to achieve this. While Cream has 9 million coins outstanding, according to CoinMarketCap, only 150,000 of those are in circulation.

This swiftly growing supply of coins in circulation has affected demand and, therefore, the per-coin price. Moreover, most of the funds that had been exploited were in well-established cryptocurrencies such as Ether added to the surging momentum of the value plunge. However, as many victims of such attacks don’t see their funds compensated, watered-down CREAM tokens are better than nothing. CREAM token is currently valued at US$54.83.

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