Core ($CORE), a cryptocurrency that experienced a sharp decline in value over the past 24 hours, has received a statement from its development team. According to market data, the $CORE price fell by over 53%, dropping to approximately $0.031, causing concern among investors.
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Core DAO stated that the primary reason for the decline was large-scale sell orders in the market. According to the statement, these sales triggered a rapid liquidation chain on the Colend protocol, creating intense downward pressure on the $CORE price in a short period of time.
The team argued that the Colend protocol worked as designed and that positions falling below the collateral requirements were automatically liquidated. They stated that this process created a “liquidation cascade,” but that this wave was largely complete and the remaining risk in the system was limited. The statement also emphasized that the incident was due to market dynamics, not a technical malfunction.
$CORE is listed on major cryptocurrency exchanges such as Coinbase and Bybit.
*This is not investment advice.
