{"id":298009,"date":"2024-05-08T20:31:20","date_gmt":"2024-05-08T15:01:20","guid":{"rendered":"https:\/\/dripp.zone\/news\/celsius-cel-price-rockets-370-heres-why-crypto-news\/"},"modified":"2024-05-08T20:32:51","modified_gmt":"2024-05-08T15:02:51","slug":"celsius-cel-price-rockets-370-heres-why-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/celsius-cel-price-rockets-370-heres-why-crypto-news\/","title":{"rendered":"Celsius (CEL) Price Rockets 370%, Here’s Why – Crypto News"},"content":{"rendered":"

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CEL, the native token of the Celsius Network, has recently sent tongues wagging across the broader crypto<\/a> industry, with a staggering 370% price rally jotted over the past week. Primarily attributed to the token\u2019s massive burn initiated lately, this price rally rides the back of other bullish market statistics, fueling additional market optimism on the token.<\/p>\n

Here\u2019s a closer look into what sparked CEL\u2019s recent phenomenal price rally and its current price movements.<\/p>\n

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Celsius Network Burns 94% of Supply<\/h2>\n

Data surfacing across the global crypto industry illustrates that the Celsius network burned a staggering 652.2 million CEL tokens on April 30 by transferring them to a null address. The colossal amount of tokens destructed marked the killing of a whopping 94% of CEL\u2019s total supply, instilling immense bullishness for the token.<\/p>\n

Following the massive incineration, the total supply, which stood at 692.8 million CEL, shredded down to 40.6 million CEL, leading to a price rally. This price rally gradually gained substantial traction, resulting in a weekly pump of roughly 370% for the token.<\/p>\n

It\u2019s worth noting that this massive burn comes as a part of the firm\u2019s bankruptcy<\/a> filing.<\/p>\n

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Further what sets CEL\u2019s price rally apart is its defiance of the current broader market trends. Despite the market\u2019s heightened volatility, on-chain data underscored CEL\u2019s bullish stance, illustrating a market uptrend and further enhancing the token\u2019s appeal crypto market participants.<\/p>\n

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Also Read: Bitcoin Price: CryptoQuant CEO Predicts BTC To Hit $265K, Here\u2019s Why<\/a><\/strong><\/p>\n

CEL Price Movements & On-Chain Data<\/h2>\n

As of writing, CEL\u2019s price witnessed a 40.10% upswing in the past 24 hours and is currently trading at $0.7185. The token\u2019s market cap surged by 40.10%, followed by a 14.48% increase in 24-hour trading volume.<\/p>\n

Coinglass data illustrated a 72.01% rise in CEL\u2019s open interest, reaching $13.69 million, whereas its derivatives volume spiked 26.62%, reaching $319.09 million. This further underscored the presence of a market uptrend, potentially driven by rising interest among investors and an increase in the token\u2019s derivatives market trading activity.<\/p>\n

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Meanwhile, the RSI hovered at around 80, hinting that the asset is an overbought territory. This sets the stage for a potential price pullback or correction, as it may have risen too quickly.<\/p>\n

Technical indicators flagged a strong buying sentiment for the token in the market, further flagging that a pump may be expected in the short run if buying pressure persists. However, the RSI<\/a> continues to cloud the token\u2019s long range price movements in an enigma.<\/p>\n

Also read: UK Minister Warns Against Stricter Crypto Regulation, Here\u2019s All<\/a><\/strong><\/p>\n

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article. <\/p>\n<\/p><\/div>\n

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