Roughly six months after its IEO on Binance, the price of Elrond (ERD) has continued to dip from a high of $0.006406 to just $0.001625 at the time of writing this report.
The team, however, has claimed that the price decline is not a result of a lack of development from its end, with several new features being implemented and partnerships announced within the last few months.
The Elrond team said that they had made some remarkable progress in terms of the development of the project, including launching a new website, organizing a battle of nodes competition, and rolling out a staking app and smart contract.
Earlier this month, for instance, Coinfomania reported that $2 million worth of ERD was staked in a pre-staking round as part of its mainnet launch, and that number now up to $2.5 million early this week.
Such positive developments usually have a positive market movement on a project’s token, but that is not the case with Elrond. The team said on Reddit today that despite their continuous efforts, the value of the ERD token continues to fall.
Even when the rest of the crypto market is recording significant gains today with Bitcoin holding a 5% profit, the ERD token does not share the same sentiment but trading at a 2.55% loss.
The team finds this unusual, and they believe that someone is responsible for the negative market movement of the token.
“If anything we’ve observed an unusual negative market activity during the last few weeks, and especially the last one. Thus, after a closer examination, we have reason to suspect someone may be manipulating the ERD market, playing the community, and playing the Elrond team,” the team said.
Despite the continuous fall in the price of the token, the Elrond team said they are still very committed and will continue building and offering value with hopes that the price will eventually correlate to their efforts.