Highlights
- Celcius Network continues with its 10% reward burn.
- The latest burn event includes 56,064 CEL tokens burnt with a market value of $290,919.43.
Celcius Network announced another round of token burn after the company burnt 10% of the total number of CEL tokens bought in the market this week and used to pay the Celsian community as rewards. The latest token burn by the company saw exactly 56,054 CEL tokens permanently removed from the supply.
In terms of market value, the total CEL tokens burnt by the company this week are worth a staggering $290,919.43. Since the company announced that it would start burning 10% of reward payment, Celcius Network has now burned approximately 265,768 CEL tokens, worth $1,379,335.92M.
Celsius Network Striving to Become a Deflationary Asset
While the series of burn events by the company has been lauded as a smart move by the Celsian community, the company aims to make the CEL token a truly deflationary asset through this series of token burn events.
That said, the latest round of CEL token burn hasn’t seemed to impact the price of CEL tokens across different exchanges where it is listed. As of the time of writing this report, the CEL token was trading for $4.71 and down by 1.58%.
Celsius Swap in the Pipeworks
Elsewhere, Celsius Network announced to its teeming community during its recent AMA that the Celsius Network Swap is in the pipeworks and will soon be announced to the community in the coming days. The new Celcius Network Swap will first be unveiled to Platinum customers in California and then expand to 40 states in the weeks to follow.
While the company continues to make giant strides through solid partnership and product launch, the series of regulatory hurdles it is currently facing has stunted its growth significantly. If they were ever able to surmount these regulatory hurdles, then the project should have a great future.
