The value of the original Celsius Network token (CEL) has gone through the roof since a big token burn event.
On April 30, Celsius used up more than 94% of its stock. There are now 40.55 million fewer CEL tokens than there were before. To do this big burn, the coins were sent to an address that doesn’t exist. One of the most important deals Celsius has ever made.
Since the burn deal, the value of CEL has grown by an amazing 360% in the last week. That’s 67% more than in the last 24 hours, when it hit $0.94, a level not seen since November 2022.
Celsius Attracts Investor and Trader Interest
Celsius is getting a lot of attention from investors and traders. Its market value is $38.2 million, and it trades for $78 million daily.
Santiment, on the other hand, shows that CEL’s Relative Strength Index (RSI) has gone from 82 to 89 in the last 24 hours. With this information, CEL may be overpriced and too hot right now.
Also, Santiment’s data shows that Celsius’ total open interest has grown significantly: from $7.91 million to $13.39 million in just 24 hours, a 69% rise. This rise in open interest could cause prices to change more quickly and prompt more people to sell their stocks soon.
The Celsius total funding rate is still around -0.004%, and even though the price has gone up, a few more buyers are betting that the price will go down than those who are betting that it will go up.
CEL is now in a high volatility zone, so prices will likely drop soon. This is because both the RSI and open interest are going up. People who trade or play in the market should be careful what they do as it changes.
