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CEL Token Pumps Over 300%, Then Instantly Dumps

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Native token for crypto-lending platform Celsius surged after upbeat news about its efforts to address liquidity issues. Data on the network shows that the company has received significant contributions in DAI stablecoin, which it has already used to repay its loans.

  • According to Etherscan, Celsius received multiple DAI transactions totaling over $28 million at approximately 10:50 AM EST.
  • These funds were immediately transferred to the Ethereum contract address representing his Oasis loan, which helped pay off part of the duty He must.
  • These funds lowered the liquidation point on the Celsius loan to $15,152.
  • The company was hastily restoring liquidity to protect its $534 million loan collateral from liquidation.
  • Along with DAI, Celsius has placed thousands of bitcoins (WBTC) as collateral as cryptocurrency prices continue to fall.
  • Following the news, CEL — the token that helps Celsius users earn extra payouts on Celsius — surged. At 10:54 am EST it was only $0.33, according to CoinGecko, and by 12:04 pm EST it had jumped to $1.42.
  • However, immediately after that, the coin fell sharply. At the time of writing, CEL is now only $0.56.
  • Celsius recently came under hot water after freezing withdrawals from its platform due to liquidity issues. The company uses defi space lending to generate revenue on behalf of its clients who deposit their funds on the platform.
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Credit : cryptopotato.com

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