Altcoins

Celsius Network Price Crash Gains Steam as Founder Sued

Published

1 year ago

January 5, 2023

Crispus

Celsius Network price crashed hard on Thursday as investors reacted to the latest lawsuit of the company’s CEO. CEL tumbled to a low of $0.243, which was the lowest level since June last year. It has crashed by more than 94% from the highest point in September. The CEL token has a market cap of over $123 million.

Celsius Network CEO sued

Celsius Network was once one of the best-known companies in the crypto industry. It acted as a crypto bank that provided deposits and returns to shareholders. The company also provided a crypto exchange that made it possible for people to buy and sell cryptocurrencies. At its peak, the company had over $20 billion in assets.

Celsius Network collapsed in May 2022 when Terra’s ecosystem collapsed. It suspended its payments and finally filed for bankruptcy. The bankruptcy proceedings are still continuing in the United States. On Wednesday, a judge ruled that $4.2 billion of funds in its interest-bearing accounts belonged to the firm. As such, the company’s customers will not receive these funds.

The other main catalyst for Celsius Network price was a lawsuit filed by the New York Attorney General. In a statement, the AG accused the company’s CEO of defrauding investors by making false statements that its company was safe. The lawsuit said:

“Alex Mashinsky (the CEO) promised to lead investors to financial freedom but led them down a path of financial ruin. The law is clear that making false and unsubstantiated promises and misleading investors is illegal.”

26,000 New York residents had deposited $440 million in the company. Mashinsky is the other high-profile crypto founder who is facing a legal peril after Sam Bankman-Fried (SBF). SBF faces tens of years for his role in the collapse of FTX and Alameda.

Is Celsius token a good investment?

Celsius Network token has been in a freefal since the company went burst. Therefore, we believe that the coin is not a good investment. Besides, it is a thinly traded coin. Data published by CoinMarketCap shows that the volume of CEL token traded in the past 24 hours was about $1 million, which is much lower for a token that is valued at over $120 million.

This is not to say that Celsius Network token cannot make you rich. In the past few months, we have seen some useless tokens like Bonk soar.

Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

Published

4 months ago

December 27, 2023

Crispus

Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

Published

4 months ago

December 22, 2023

Crispus

Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5^th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama…

Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

Published

5 months ago

December 1, 2023

Crispus

Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6^th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.

SOL’s Bullish Cues

Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.

In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.

Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…