Celsius Networks The halt to withdrawals plunged the cryptocurrency market into a bearish chasm over the past month. It is in the news today after paying off its remaining debt to DeFi Protocol MakerDAO. That payment of the remaining $41.2 million transacted on July 7, DAI were transacted. With this repayment, Celsius was able to release the secured $448 million.
In addition, according to zappersCelsius’ outstanding loans to Aave and Compound were reduced from $258 million on July 8th.
As these loan repayments mark a potential recovery for Celsius, CEL’s price rallied.
A few degrees hot
When Celsius began redemption on July 7, its CEL token was priced at $0.83. On the same day, the alt fell as low as $0.68. However, the bulls forced a correction that fueled an uptrend. CEL recorded an increase of > 10% in the last three days and was rated as $0.9110 at the time of writing.
In 3 days, the market cap grew by 9% from $197.42 million to $216.46 million.
Notably, data from CoinMarketCap also showed a clear upward trend in trading in the above-mentioned period. In fact, it rose by 92.88% in 24 hours.
Additionally, the Relative Strength Index on the 24-hour chart was above the neutral 50 zone at 53.12. The Money Flow Index was also seen on an upward trajectory at 58 as CEL accumulated.
Therefore feeling, since Celsius began paying off its debt obligations on July 7, CEL’s on-chain analysis has revealed steady accumulation. In the past three days, the supply of CEL tokens outside of well-known exchanges grew by 0.5%.
Growth in this metric usually indicates greater accumulation. During the same period, the supply of CEL tokens on exchanges fell by 39%, meaning fewer people were selling their tokens.
Additionally, the number of addresses that settled CEL between July 7th and July 9th increased by 80%. However, in the past 24 hours, it had fallen by over 200%.
In the aforementioned period, the number of addresses conducting CEL transactions grew by 138%. Similarly, the total amount of CEL tokens across all transactions increased by 80% over the period.
On the social front, the performance of the crypto over the past few days has not been impressive. Its social dominance has declined by 29% since July 7th. His social volume also saw a 14% drop over the same period.