“CEL Token Just Wants To Watch The Crypto Market Burn”  Covered: CEL Token Burn Celsius Network News CEL Token Burn The best performing token the last 24 hours is Celsius Network’s CEL token. It’s up a crazy 15%, and trading in the $4 USD range. That’s by far the best performance among top 100 projects by […] The post CEL Token On Fire; Crypto Market In Flames appeared first on CryptosRus.

CEL Token On Fire; Crypto Market In Flames

“CEL Token Just Wants To Watch The Crypto Market Burn” 

Covered:

  • CEL Token Burn
  • Celsius Network News

CEL Token Burn

Credit: The Dark Knight

The best performing token the last 24 hours is Celsius Network’s CEL token. It’s up a crazy 15%, and trading in the $4 USD range. That’s by far the best performance among top 100 projects by market cap. The rest of crypto is down 3% the last 24 hours.

CEL is the exchange token for Celsius Network, a crypto savings and lending service founded by serial entrepreneur Alex Mashinsky. Celsius users have the option to earn interest in CEL for higher APY.

Recommended: Three Exchange Tokens To Look Into

Why is CEL token pumping while the rest of the market is in flames? According to Celsius’ official Twitter, it’s because “Burn baby burn.”

Celsius announced via Twitter today the successful burning of 10 percent of CEL token’s total circulating supply. “63,502 CEL is now permanently removed from the supply,” according to Celsius.

How this helps CEL token moving forward is unclear. The token is still up 76% compared to a year ago. But, it’s struggled in recent months. CEL reached its all-time high of $8.05 back in June. Even with the token burn, the exchange token is still down around 50% in just over 6 months.

Earning in CEL is still unavailable to American residents.

Celsius Network News

Credit: CoinMarketCap

The token burn couldn’t have come at a better time for the Alex Mashinsky-led savings and lender considering the wave of recent negative news.

Recently, Celsius CFO, who is currently suspended, was brought in on money laundering charges in connection to his time with his previous employer. Celsius found no evidence of any wrongdoing during his time with the company.

Last week, Celsius was affected by the BadgerDAO hack. It’s estimated that about $50 million was lost. However, that’s a tiny fraction of the 25 billion in assets Celsius has under management.

CEO Alex Mashinsky confirmed that user funds will not be affected by the losses suffered in the BadgerDAO hack.

Recommended: Rumors That Celsius Network Received A Billion Dollars Worth Of Emergency Tether Are False

 

 

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