CEL, the native token of the Celsius Network, has recently sent tongues wagging across the broader crypto industry, with a staggering 370% price rally jotted over the past week. Primarily attributed to the token’s massive burn initiated lately, this price rally rides the back of other bullish market statistics, fueling additional market optimism on the token.
Here’s a closer look into what sparked CEL’s recent phenomenal price rally and its current price movements.
Celsius Network Burns 94% of Supply
Data surfacing across the global crypto industry illustrates that the Celsius network burned a staggering 652.2 million CEL tokens on April 30 by transferring them to a null address. The colossal amount of tokens destructed marked the killing of a whopping 94% of CEL’s total supply, instilling immense bullishness for the token.
Following the massive incineration, the total supply, which stood at 692.8 million CEL, shredded down to 40.6 million CEL, leading to a price rally. This pr
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