Power Protocol (Power) Token Faces Sharp 90% Drop: What Caused the Crash?
Power Protocol's POWER token plummeted over 90% after surging 900% in February, driven by Ronin Bridge issues and an upcoming token unlock.Summary
The Power Protocol (POWER) token experienced a dramatic 90% drop over 24 hours, wiping out all gains made in February, despite the platform securing $3 million in funding from BITKRAFT Ventures that month.
The token had previously surged over 900% in February, reaching an all-time high of $2.46 on March 2. The sharp decline, which saw the token hit an intraday low of $0.15, was attributed by CoinGecko to two primary triggers: a temporary pause on the Ronin Bridge causing a price gap between on-chain and centralized exchanges, and fears surrounding an upcoming token unlock scheduled for March 5, representing 1.2% of the total supply.
This severe drop placed POWER at the top of CoinGecko's daily losers list, fueling community speculation, including allegations of a "rug-pull" or "crime dump." Investor sentiment remains largely negative, with 64% of users bearish, suggesting further declines could occur if the market reacts negatively to the token unlock.
(Source：BeInCrypto)