Crypto

CEL Token Surge to More Than 300% Then Severely Dips

Celsius has taken the liquidation point on its loan of Oasis much more down, which makes a real bullishness moment for CEL

Celsius, the native token for crypto lending platform has gone super high after the bullish new of the platform’s efforts to address liquidity issues. Moreover, the On-chain data reveals that the company has already received massive DAI stablecoin contributions, which Celsius has used to pay back the loans on the platform.

Celsius has received at 10:50 am EST many DAI transactions worth more than $28 million in total according to Etherscan.

The funds received are transferred immediately to an Ethereum contract address showing its loan with Oasis, which in result helped in paying back some of the debt it owes. As a result of these funds, the liquidation point was pushed on Celsius’s loan to $15,152.

However, the company has readily been retrieving liquidity to cover its $534 million collateral on the loan from being liquidated.

Beside DAI, Celsius has deposited big amounts of money of wrapped Bitcoin (WBTC), which works as a guarantee as crypto prices continue falling. Read more[Bitcoin Crumbles, Withdrawing $200B From Crypto Market].

Just after the announcement of that news, CEL which is a token helps the users of Celsius to earn additional payouts on Celsius did pump drastically. staying at the price of $0.33 at 10:54 am EST, then went up to $1.42 at 12:04 pm EST according to CoinGecko. However, the coin did fall deeply immediately after that.

Celsius has splashed of hot water after the withdrawals freezing from it platform due to liquidity issues. Moreover, the company user lending in the DeFi world in order to generate yield on behalf of its customers, who deposit what they have funds with the platform.

By the time of writing this article, Celsius (CEL) is trading at $0.6593 in strong green.

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