At what point do you remove undergrad / graduate awards and honors from your CV?
I will never remove my IMO medal from my CV, and that is a high school award.
Even if you are extremely successful later in your academic career, you probably want to keep awards for the signaling to prospective PhD students, if you think the award correlates positively with academic ability.
If you think the award in question is unrelated to your academic success, you should maybe remove it, and vice versa: if it's something prominent and you remove it from your CV, you signal it is not important to you.