The Celsius Token (CEL) community is suspicious of an apparent conspiracy to misrepresent its value. The users are reading mischief after the Coin Market Cap (CMC) failed to take cognizance of a strong token over the last two weeks.
Hundreds of social media users swamped the users’ Telegram page with angry posts against what they saw as a deliberate attempt by the CMC to keep CEL down. According to users, there was a considerable difference between the correct supply of CEL tokens CMC listed.
A spot check on the Celsius Community Network unofficial Telegram page shows the ire of members and the basis for their complaints. At the time of writing, the CoinMarketCap showed CEL’s market cap as USD 61,742,019 and ranked at number 90 compared to Coinpaprika’s $116 353 616 and ranked at number 63. Livecoinwatch, on the other hand, placed CEL’s market cap at USD 120,133,000 and listed it as position 50.
During the same period, CMC reported the token’s 24-hour volume to be USD 585,122, with a circulating supply of 238,863,520 CEL and a total amount of 695,658,161 CEL. Coinpaprika published a 24-hour volume of $340 859, a circulating supply of 448 563 478 CEL. Livecoinwatch places CEL’s 24-hour volume at $328,699, against a total of 477,804, 000 CEL and a total quantity 695, 658, 000 CEL.
The Celsius Network (CEL) launched in 2018 following a successful Initial Coin Offering (ICO) that raised over $50 million and created what they called a financial product of the future. The token, whose value is directly, related to the number of people supporting and HODLing it, survived the crypto winter when tens of ICU funded crypto projects crashed to the ground.
There is a finite supply of CEL tokens, and since close to 50 percent of them are held by the company’s treasury, there is a growing demand from a vibrant community of Celsians made of HODLers and market speculators. The CEL token was launched in June 2019 and has, in some cases, outperformed market leaders Bitcoin and Ethereum, based on users’ desires to get loans, earn interest and invest in a demand-based platform.
Opportunity to Earn
Most Celsius community members choose to earn a weekly interest income based on their crypto deposits. By purchasing CEL tokens from exchanges weekly, they contribute to the success and value of the token on behalf of the entire community. The demand for CEL has continued to grow as more users learn of the opportunity to earn an interest in CEL on 25 different cryptocurrencies at a rate of up to 30% in addition to earning in-kind or opt to receive compounded interest on their total CEL balance.
Like all emerging markets where stuff still lacks well defined and clear cut rules, things can become somewhat shady. With projects setting their standards and can choose to obey or disobey them at will, it’s comparable to navigating the Wild West without a compass.