The Curve DAO token, CRV, has experienced a significant 15% increase in value over the past 24 hours, outperforming the broader altcoin market. This surge comes after a sharp price drop earlier this week, which saw positions liquidated and losses mount. The community is now voting on a proposal to burn 10% of the total token supply to stabilize the asset and regain control.

The token's market capitalization has risen to slightly over $406 million, with daily trading volumes exceeding $200 million, an 8% drop from the previous market. Despite the recent losses, some community members are optimistic that the burn vote could lead to a rebound in the token's value. At the time of writing, CRV is trading at $0.32.

The proposal to burn 10% of the total supply is aimed at addressing the recent price drop, which liquidated the positions of several high-profile investors, including Michael Egorov, who lost $20 million in debt across four platforms. The burn vote is seen as a way to preserve market stability and regain control over the asset's value.

In other market news, digital assets are beginning to recover from their recent losses. Ethereum has seen a 3% increase in value, trading at $3,567, while BNB and Solana have also experienced gains of 0.8% and 1.17%, respectively. Solana is currently trading below the $150 level, which some analysts believe could lead to increased price action similar to the inflows seen in Q1 2024.

Meanwhile, some new meme coins have recorded significant gains of up to 50 times their initial value, driven by positive sentiments in the market.