The CEL token from Celsius Network, on the other hand, lost more than half of its value in the same time frame. Aside from the general bearish sentiment, the disarray in its environment was enough to cause the drop. When expanded out and viewed, CEL has lost 98 percent of its value after reaching an all-time high of $8 last year.
At the time of publication, the once-valuable $8 token was only worth $0.1900. After the staking network declared that withdrawals, swaps, and transfers would be suspended, members of the community went on to say that “middle men,” or any “3rd party entity,” should not be trusted with anything.
Users quickly equated Celsius with LUNA and dubbed the platform cruel. Also, stalwarts have argued that Celsius, along with LUNA, should be Harvard Business School “case studies” on counter-party hazards.
While market members’ fury is understandable, it’s worth noting that Celsius has been receiving assistance from other significant players in the field at this point.
Nexo, for starters, announced a buyout deal just a few hours ago. It also stated in its letter of intent that, subject to Nexo’s risk management and standards, it may easily buy “part or all” qualifying, outstanding collateralized loan receivables secured by their matching pledged bitcoin collateral.
While some in the space have hailed the gesture as a positive step forward, it has yet to be embraced by the Celsius team. As such, the promotion is active until June 20th.
