In an interesting turn of events, Essence Finance, a stablecoin project in the Scroll ecosystem, sparked significant investor concern across the broader market on Saturday amid rag-pull speculation. The project is suspected of being a rug pull, especially since its stablecoin CHI witnessed a staggering 98% price crash. Furthermore, crypto market participants strongly expect the stablecoin project to be challenged as millions of collaterals were recently removed from the project.
Scroll Ecosystem The essence of stablecoin projects Finance raises market concerns
According to Geckoterminal data on October 26th, the Scroll ecosystem stablecoin CHI price crashed by 98% during the day and is currently trading at $0.01643. Moreover, the coin fell by 33% in time, attracting further bearish views among market participants.
Notably, this downward trajectory is on the back of more than $20 million worth of collateral allegedly being removed from the project, according to Asian crypto reporter Wu Blockchain. Additionally, it is worth mentioning that Essence Finance’s X handle was last posted on September 11th, and only reposts have appeared since then, sparking further market discussion amidst the ongoing rug pull turmoil. there is.
The stablecoin’s current trading volume totaled $45,934,800 at the time of reporting. Additionally, the total number of holders per Geckoterminal data was recorded as 133.
Despite recent developments, the ecosystem faces setbacks
Additionally, zero-knowledge rollup crypto scroll (SCR) faced a significant setback as the stablecoin project encountered a lag pull in market sentiment. On the other hand, recent market developments have led to this project attracting significant attention across the industry.
CoinGape Media reported that SCR recently secured listing on a major cryptocurrency exchange. According to the report, the token has secured listing on Binance and Bybit, and Coinbase has started individual trading of the same token. These listings have helped the project garner significant investor attention across the broader market recently. However, the latest CHI stablecoin lag pull scandal has brought crypto projects under scrutiny among traders and investors around the world.
It is also worth mentioning that SCR price has fallen by nearly 8% in the past 24 hours and is trading at $0.8274. The intraday low and high were $0.7844 and $0.9105, respectively.
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