- Celsius Network’s native token CEL saw a 370% rally in a week, defying market selloff. The token burn, breakout, and buying in derivatives markets sparked price rally.
- The price rally comes attributed to 94% of the token’s supply being destructed.
- Despite the market’s heightened volatility, on-chain data underscored CEL’s bullish stance, illustrating a market uptrend and further enhancing the token’s appeal crypto market participants.
Celsius Network’s CEL token defies market trends with a 370% rally in a week, following a massive token burn and increased buying in derivatives markets.
Celsius Network Burns 94% of Supply
The Celsius network burned a staggering 652.2 million CEL tokens on April 30 by transferring them to a null address. This marked the destruction of 94% of CEL’s total supply, leading to a price rally. The total supply, which stood at 692.8 million CEL, shredded down to 40.6 million CEL, resulting in a weekly pump of roughly 370% for the token.
CEL Price Movement & Derivatives Data
As of writing, Celsius price witnessed a 40.10% upswing in the past 24 hours and is currently trading at $0.7185. The token’s market cap surged by 40.10%, followed by a 14.48% increase in 24-hour trading volume. Coinglass data illustrated a 72.01% rise in CEL futures open interest, reaching $13.69 million, whereas its derivatives volume spiked 26.62%, reaching $319.09 million. This underscores the presence of a market uptrend, potentially driven by rising interest among investors and an increase in the token’s derivatives market trading activity.
Conclusion
The CEL token’s recent price rally, despite market volatility, underscores the potential of strategic token management. The massive token burn led to a supply shock, driving up prices. However, investors should remain cautious as the asset is currently in overbought territory, hinting at a potential price pullback or correction.
