In the middle of CEL’s bankruptcy and lawsuit, the Celsius token went through a lot of ups and downs before finally hitting an impulsive intraday low. The price of CEL has dropped by 13.45% in the last 24 hours, and it is now worth $1.12 USD. There were $23,022,010 USD worth of trades in the last 24 hours.
With a market capitalization of $268,254,766 USD and a supply of 238,863,520 CEL coins, Celsius is on a downward trend and has lost more than 8.28% of its value in just one week.
Since CEL’s Market Value to Realized Value (MVRV) ratio didn’t predict any improvement and was consistently going down, it doesn’t look like the token will get better in the long run. The number of active addresses on the Celsius network is going down, which is one of the main reasons for this drop.
As the number of active addresses went down, the token moved less quickly because it wasn’t being traded between addresses. At the same time, Celsius’ social mentions dropped by 15.3% and the number of engagements dropped by 10.5%.
Related: The DOJ doesn’t like that Celsius wants to reopen withdrawals and sell stablecoins.
Also, a statement filed by Financial Affairs on October 5 showed that between May and June of 2018, former CEO Alex Mashinsky and former CSO Daniel Leon took $42 million out of custody accounts using Bitcoin, Ether, USDC, and CEL. This was before they stopped withdrawals on the platform due to “extreme market conditions” and filed for bankruptcy.
CTO Nuke Goldstein transferred more than $20,8 million between Celsius accounts based on matching transactions.Most of the money was put into the personal account of co-founder Goldstein at Celsius, which he used as collateral.
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