Altcoin, which has been rising for days, crashed hard with community approval!

Covalent (CQT), an altcoin project that offers modular data infrastructure for artificial intelligence, has fallen following community approval.

The Covalent team attracted attention with their X post on Tuesday, July 9th. The team announced that there would be a transition from CQT to a new token called CXT.

This expectation brought about a 25% increase in the CQT price on the day the news was shared. But the arrival of community approval created a “sell the news” situation and the price crashed in a short time.

According to CoinGecko data, CQT price lost 30% of its value with the DAO approval, falling from $ 0.190 to $ 0.153.

The team confirmed community approval

Covalent noted that its community overwhelmingly approved of the move from CQT to CXT. The team announced that its staking and management operations have also transitioned from CQT to CXT.

CXT tokens will be distributed directly to CQT holders on Ethereum, and centralized exchanges will receive CXT tokens and distribute CXT to their customers.

It was previously emphasized that CTX would increase the work and adoption of artificial intelligence.