Celsius Network conducted its latest coin burn yesterday and reduced its token supply to keep prices high. In the process, the altcoin price bounced and then retreated. cryptocoin.com We are giving the details as…
Celsius burns $250,000 in altcoins
Celsius announced the news on Twitter, stating that 63,502 CELs worth about $250,000 had been burned. The event seems to have increased the value of the project’s token. The price of CEL rose 18.08 percent from $3.43 to $4.05 over a 24-hour period. At the time of writing, it has been withdrawn to $3.92. Still, its annual return is close to 80 percent.
This increase appears to have been due to activity in anticipation of the burn rather than the effects of the combustion itself, as the price increase occurred a few hours before the combustion. According to some, the price increase may have been influenced by other factors, such as the involvement of the project team at Real Vision’s “Takeover” event in Las Vegas. As a result, Celsius’ token also saw slight gains post-burn. However, these gains were lost as the token returned to $3.92.
Celsius relies heavily on weekly coin burns to achieve deflation. The news of the coin burn comes after two major discussions for Celsius. First of all, it looks like the project lost money because of the BadgerDAO hack. Additionally, the CFO of the project was arrested in Israel on charges unrelated to this incident and Celsius itself. The firm claimed to have $20 billion in assets under management as of August 2021.
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