- The price of CEL crypto had tumbled after a major announcement by the Celsius Network.
- The total supply of the CEL crypto is approximately 695.7 million.
- The CEL crypto is the native token of the Celsius Network.
After declining rapidly over the last few days, Celsius (CEL) crypto bounced back on Tuesday morning and recorded a price surge of 131.2 per cent. At 3 AM EST, the CEL crypto was trading at US$ 1.51 per token, and its volume had skyrocketed over 300 per cent to US$ 56.6 million.
The price of CEL crypto had tumbled after the Celsius Network announced on June 13 that it had paused all withdrawals, account transfers, and Swap services. The network had said that it decided to protect the interests of its community members.
Since June 20, the crypto market has shown signs of recovery as its valuation continues to increase. At the time of writing, the crypto market capitalization had risen by 4.4 per cent to US$ 919.59 billion.
Why is CEL crypto rising?
In a statement addressed to the community members, Celsius Network said ever since it paused the services like withdrawals and transfers, the objective has been to stabilize the network's liquidity and operations.
It has been a week since the network communicated the decision to its community members, and stabilizing will take time. Celsius Network said that it believes in transparency. Hence, it maintains an open dialogue with community members, regulators, and officials.
The network is trying to find solutions and is working in sync with regulators and officials. Celsius also said it has noticed fake social media accounts claiming their association with the network and urged its community members to stay vigilant.
The rise in the price of CEL crypto could be due to overall market growth and the recently released statement. It appears that the crypto enthusiasts could be trusting the claims that the network paused the withdrawals for the benefit of community members.
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Celsius Network is a financial services platform for cryptocurrency users and was launched in 2018. The CEL crypto, the native token of the network, has several use cases, including boosting pay-out value.
The total supply of the CEL crypto is approximately 695.7 million, and its market cap was US$ 360.8 million at the time of writing. The cryptocurrency's all-time high is US$ 8.02, which it clocked on June 3, 2021.
Interested investors can find the CEL crypto on crypto exchanges like Bitget and OKX. However, they should assess the market situation and research the virtual currency before investing.
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