To everyone’s surprise, the Celsius Network is still operating after the drama surrounding its bankruptcy in July. Alex Mashinky, the company’s CEO, quit on September 27 despite the announcement of a revival.
The Securities and Exchange Commission joined the ranks of other agencies criticizing the company. Celsius came under fire when the SEC ordered that all interest-paying crypto investment must be recorded.
The native token of Celsius, CEL, was impacted by these events, but what’s more unexpected is that CEL is still being used. CEL token investors will feel even worse now that the controversy surrounding it is raging.
CEL trades at $1.37 as of the writing. This is a drop of 6.5 percent over seven days according to data from Coingecko.
Celsius: A chill in the air
CEL trading is very light right now, unlike most other widely traded currencies. This can be seen in the gap in the candle chart. Recently, data has shown a decrease in CEL token trade volume of 19.8 million to 4.49 millions. At 77.3%, the percentage of business activity fell was astonishing.
Given that CEL also has negative on-chain signals, this isn’t surprising. Market capitalization fell from $655,331,055 to $582.698,525, a weekly peak. The coin’s trading activity is comparable to tokens with minimal activity.
These graphs are simply CEL being lost over time. However, graphs recently turned green.
Does it seem possible?
CEL remains a tradeable asset on the wider crypto market. This makes it available for speculation, despite it being barely living.
According to CoinGecko, CEL has gained 2.6% in value over the previous 24 hours. It is surprising that gaps exist in charts where very little or no activity has been recorded. But, it could not indicate a recovery.
CEL is likely to be dying, considering everything we have discussed. Recent reports indicate that CEL’s active addresses have drastically decreased during the past month.
This decline in active CEL trading addresses is a pessimistic indication to potential investors that could boost CEL’s price recovery.
CELUSD/USD trying to hold its balance at 1.36 on the daily charts | Source: TradingView.com Featured image by Forkast. Chart: TradingView.com