The cryptocurrency market has a stable outlook in the red zone today. However, the performance of some tokens is dazzling. CEL, the native token of Celsius Network, attracts attention with its 72 percent increase during the day. Moreover, the altcoin price has increased by more than 230 percent in the last week. So what is behind this increase?
This altcoin is dazzling with its rallies!
cryptokoin.comAs you follow from , the market is going back and forth in the red zone today. However, some cryptocurrencies are detaching from the market and challenging the decline. Moreover, it pushes the limits of the sky. CEL, the native token of Celsius Network, attracted attention with its daily increase of over 72% today. Additionally, the token has experienced a staggering 230% price increase over the past week. This has put it in the spotlight across the wider crypto industry.
At the time of writing, the altcoin price has witnessed a 72% rise in the last 24 hours. CEL is currently trading at $0.9293. The token’s market value increased by 72% to $222 million. Additionally, there was a significant 132% increase in CEL’s 24-hour trading volume, reaching $74 million.
Celsius Network burned 94% of supply
First of all, experts attribute this price increase to the massive burn that the token has initiated recently. This rally has fueled additional market optimism on the token, riding on the back of other bullish market statistics. Let’s take a closer look at what’s driving CEL’s recent phenomenal price rise and its current price movements.
Emerging data in the global crypto industry shows that the Celsius network burned 652.2 million CEL tokens on April 30 by transferring them to an empty address. This enormous amount of tokens destroyed by the project corresponds to 94% of CEL’s total supply. Therefore, this decrease in supply triggered a tremendous rise for the token. After the massive burn, the total supply dropped from 692.8 million CEL to 40.6 million CEL. This led to a price rally. This price rally gradually gained significant traction. Thus, resulting in a weekly pump of approximately 230% for the token. It’s worth noting that this massive burn came as part of the company’s bankruptcy filing.
CEL price action and derivatives data
Another factor that sets Celsius’s price rise apart is that it defies current broad market trends. Despite the market’s increasing volatility, on-chain data underscores CEL’s bullish stance. This further increased the token’s appeal for crypto market participants.
Coinglass data revealed that CEL futures open positions increased by 72.01% to $13.69 million, while derivative volume increased by 26.62% to $319.09 million. This potentially reflects growing interest among investors. It also indicates the existence of a market uptrend resulting from an increase in the token’s derivative market trading activity. However, the RSI is hovering around 80. This implies that the asset is in the overbought zone. This sets the stage for a potential price pullback or correction as it may have risen too quickly.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!