Celsius Network recently executed a significant move by burning all 652.2 million CEL tokens, amounting to $85.75 million and accounting for 93.7% of the total supply.
As a result, the current total supply stands at 40.6 million CEL, as indicated on CoinGecko. This action potentially contributed to a 7% increase in the CEL price, rising from $0.13 to $0.139 within 7 hours following the burn.
Despite the token burn, CEL continues to be actively traded on various centralized exchanges (CEX), including OKX, Bitget, Gateio, Bybit, and MEXC.
Interestingly, Celsius Network had previously mentioned its intention to burn all CEL tokens in its possession in a September 2023 bankruptcy filing.
However, this token burn was not reiterated when the company announced plans to distribute $3 billion in crypto to creditors in January 2024.
It's worth noting that a test burn of 2 CEL tokens had taken place three months ago on January 24, 2024. This recent mass burn signals a significant shift in Celsius Network's token strategy.
Address: 👇
0x455257963812c008ce8edf3d08cb48e95c8aa2e2
