The price of the Celsius (CEL) token has jumped nearly 400 per cent in the last 7 days and around 100 per cent since yesterday (20th June). According to data on CoinmarketCap, CEL was trading at $0.7873 at around 6.54 pm yesterday, India time. The price jumped to $1.55 at 1.39 pm today.
The CEL token has witnessed a massive rise and fall in the last two weeks. Just 7 days back, it was trading at around $0.3183 in the aftermath of the market crash apparently triggered by the Celsius team’s decision to halt crypto withdrawals. However, data on CoinMarketCap shows that Celsius has remained in the green last week even as most of the crypto markets were in the red till two days back.
CEL is still around 83 per cent down from its all-time-high price of $8.05 recorded on the 4th of June last year.
CEL is the native token of the Celsius network, one of the largest crypto lenders. Since 14th June, CEL token price has risen by around 400 per cent, beating almost every top cryptocurrency in terms of rapid price acceleration. It is also now one of the top trending cryptocurrency tokens on CoinmarketCap among other popular cryptos.
The Celsius Network has reportedly made a payment of $10 million today to Compound Finance in DAI stablecoins in a bid to shore up the network’s liquidity. Data from Etherscan shows that the Celsius network has made several other repayments over the past week.
On June 13, Celsius had paused all withdrawals, transfers and swaps to put “Celsius in a better position to honor, over time, its withdrawal obligations.”
While the withdrawals remain paused till date, the network has also paused Twitter Spaces and AMAs.
“It has been one week since we paused withdrawals, Swap, and transfers. We want our community to know that our objective continues to be stabilizing our liquidity and operations. This process will take time,” the network said in an official blog dated 20th June.
“We are pausing our Twitter Spaces and AMAs to focus on navigating these unprecedented challenges and seeking to fulfil our responsibilities to our community,” it added.
(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)