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Kujira’s Token Plunges Nearly 50% in One Day Due to Mismanagement of Liquidity Moves
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Kujira's native token, KUJI, experienced a significant price drop of 46.71%, falling from $0.95 to $0.50.
This decline followed the liquidation of leveraged positions by the Kujira Foundation.
The foundation had engaged in leveraged liquidity provision using operational funds on its own DeFi platform.
Mismanagement of Leverage
The strategy aimed to enhance liquidity and stimulate activity on Kujira's decentralised exchange (DEX).
However, these positions became undercollateralized, leading to automated liquidations.
This caused a cascading sell-off, further depreciating the collateralized asset's value.
Team's Acknowledgement
In a statement, the team expressed their belief in using operational funds to leverage and support the ecosystem.
They also suggested that certain individuals targeted their positions, exacerbating the situation.
The team accepted responsibility and apologised for the temporary negative impact on the token's price.
Kujira's Platform Overview
Kujira is built on the Cosmos network and functions as a decentralised finance hub.
It offers a decentralised exchange, lending platform, and a liquidation system for undercollateralized positions.
Currently, the platform has a total value locked of over $42 million.
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