{"id":415963,"date":"2024-05-01T00:30:34","date_gmt":"2024-04-30T23:30:34","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=415963"},"modified":"2024-05-01T00:09:48","modified_gmt":"2024-04-30T23:09:48","slug":"celsius-network-burns-entirety-of-its-cel-holdings-eliminating-94-of-total-supply","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/celsius-network-burns-entirety-of-its-cel-holdings-eliminating-94-of-total-supply\/","title":{"rendered":"Celsius Network burns entirety of its CEL holdings, eliminating 94% of total supply"},"content":{"rendered":"

Celsius Network<\/a> burned its CEL<\/a> holdings, representing the majority of the token supply, on April 30.<\/p>\n

Etherscan<\/a> indicates the company burned 652.2 million CEL by sending it to a null address.<\/p>\n

The burned amount represents 94% of the previous total supply, which amounted to 692.8 million CEL, valued at roughly $83.2 million at current market price.<\/p>\n

The transaction reduced the remaining token supply to 40.6 million CEL, based on CoinGecko data \u2014 which has been updated to reflect the burned amount as of press time.<\/p>\n

The transaction originated from a wallet controlled by Celsius, based on Arkham Intelligence data<\/a>.<\/p>\n

Arkham Intelligence data identified the sending address as belonging to Celsius Network.<\/p>\n

Impact on market value<\/h2>\n

The transaction has implications for CEL's market value. Token burns reduce supply, and the asset's price could rise if it experiences continued demand.<\/p>\n

Current market data shows a slight price increase. The value of CEL rose from 13.0 to 13.7 cents in the hours around the burn transaction, representing a 5% increase.<\/p>\n

The change is less notable over the day, as both CEL and the crypto market have experienced more significant losses. The whole crypto market is down 4.4% over 24 hours, and the price of CEL was comparably down 5.3% over the same period.<\/p>\n

Bankruptcy burn plans<\/h2>\n

In September 2023, Celsius submitted a filing in its bankruptcy case stating that it intended to burn all CEL tokens in its possession on the effective date of the reorganization plan.<\/p>\n

Celsius noted that it could only burn tokens under its possession, adding that it could not “cancel” all CEL tokens or prevent trading on exchanges.<\/p>\n

In context, Celsius raised the possibility of a token burn to argue that it needed to assign some or no value to the CEL token regardless of what it did with its holdings. It argued that $0.25 per token was an appropriate valuation for the asset.<\/p>\n

In January, Celsius announced plans to distribute $3 billion in crypto to creditors. The company did not explicitly describe a burn in its public announcement on the effective date.<\/p>\n

Celsius did not respond to CryptoSlate's request for comment.<\/p>\n","protected":false},"excerpt":{"rendered":"

Celsius Network burned its CEL holdings, representing the majority of the token supply, on April 30. Etherscan indicates the company burned 652.2 million CEL by sending it to a null address. The burned amount represents 94% of the previous total supply, which amounted to 692.8 million CEL, valued at roughly $83.2 million at current market […]<\/p>\n","protected":false},"author":1403,"featured_media":260749,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77901,77968,76736],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nCelsius Network burns entirety of its CEL holdings, eliminating 94% of total supply<\/title>\n<meta name=\"description\" content=\"Celsius Network burned its CEL holdings, representing the majority of the token supply, on April 30.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/celsius-network-burns-entirety-of-its-cel-holdings-eliminating-94-of-total-supply\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Celsius Network burns entirety of its CEL holdings, eliminating 94% of total supply\" \/>\n<meta property=\"og:description\" content=\"Celsius Network burned its CEL holdings, representing the majority of the token supply, on April 30.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/celsius-network-burns-entirety-of-its-cel-holdings-eliminating-94-of-total-supply\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-30T23:30:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-30T23:09:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/celsius-finances.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mike Dalton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mike Dalton\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/celsius-network-burns-entirety-of-its-cel-holdings-eliminating-94-of-total-supply\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/celsius-network-burns-entirety-of-its-cel-holdings-eliminating-94-of-total-supply\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/#person\",\"name\":\"Mike Dalton\",\"url\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/mike-dalton-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/mike-dalton-author-300x300.jpg\",\"caption\":\"Mike Dalton\"},\"jobTitle\":\"Former Journalist\",\"description\":\"Before transitioning to crypto writing in 2018, Mike studied library and information sciences.\",\"worksFor\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"}},\"headline\":\"Celsius Network burns entirety of its CEL holdings, eliminating 94% of total supply\",\"datePublished\":\"2024-04-30T23:30:34+00:00\",\"dateModified\":\"2024-04-30T23:30:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/celsius-network-burns-entirety-of-its-cel-holdings-eliminating-94-of-total-supply\/\"},\"wordCount\":352,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"},\"articleSection\":[\"Bankruptcy\",\"Featured\",\"Tokenization\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/cryptoslate.com\/celsius-network-burns-entirety-of-its-cel-holdings-eliminating-94-of-total-supply\/#respond\"]}],\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cryptoslate.com\/celsius-network-burns-entirety-of-its-cel-holdings-eliminating-94-of-total-supply\/\",\"url\":\"https:\/\/cryptoslate.com\/celsius-network-burns-entirety-of-its-cel-holdings-eliminating-94-of-total-supply\/\",\"name\":\"Celsius Network burns entirety of its CEL holdings, eliminating 94% of total supply\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/#website\"},\"datePublished\":\"2024-04-30T23:30:34+00:00\",\"dateModified\":\"2024-04-30T23:30:34+00:00\",\"description\":\"Celsius Network burned its CEL holdings, representing the majority of the token supply, on April 30.\",\"breadcrumb\":{\"@id\":\"https:\/\/cryptoslate.com\/celsius-network-burns-entirety-of-its-cel-holdings-eliminating-94-of-total-supply\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/cryptoslate.com\/celsius-network-burns-entirety-of-its-cel-holdings-eliminating-94-of-total-supply\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/cryptoslate.com\/celsius-network-burns-entirety-of-its-cel-holdings-eliminating-94-of-total-supply\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/cryptoslate.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Celsius Network burns entirety of its CEL holdings, eliminating 94% of total supply\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/cryptoslate.com\/#website\",\"url\":\"https:\/\/cryptoslate.com\/\",\"name\":\"CryptoSlate\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"},\"inLanguage\":\"en-US\"},{\"@type\":\"NewsMediaOrganization\",\"@id\":\"https:\/\/cryptoslate.com\/#organization\",\"name\":\"CryptoSlate\",\"url\":\"https:\/\/cryptoslate.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg\",\"width\":1000,\"height\":1000,\"caption\":\"CryptoSlate\"},\"image\":{\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/\"},\"publishingPrinciples\":\"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#editorial-principles\",\"ownershipFundingInfo\":\"https:\/\/cryptoslate.com\/disclaimers\/how-cryptoslate-makes-and-spends-money\/\",\"correctionsPolicy\":\"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#corrections-feedback\",\"ethicsPolicy\":\"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#editorial-principles\",\"foundingDate\":\"2017-08-04\",\"founder\":[{\"@type\":\"Person\",\"name\":\"Nate Whitehill\"},{\"@type\":\"Person\",\"name\":\"Matthew Blancarte\"}],\"sameAs\":[\"https:\/\/twitter.com\/cryptoslate\",\"https:\/\/www.instagram.com\/cryptoslate\",\"https:\/\/www.linkedin.com\/company\/cryptoslate\",\"https:\/\/www.youtube.com\/c\/cryptoslate\",\"https:\/\/t.me\/cryptoslatenews\",\"https:\/\/www.tiktok.com\/@cryptoslatenews\"],\"contactPoint\":[{\"@type\":\"ContactPoint\",\"contactType\":\"customer support\",\"url\":\"https:\/\/cryptoslate.com\/contact\/\",\"availableLanguage\":\"en-US\"},{\"@type\":\"ContactPoint\",\"contactType\":\"sales\",\"url\":\"https:\/\/cryptoslate.com\/contact\/?topic=advertising#contact-form\",\"availableLanguage\":\"en-US\"},{\"@type\":\"ContactPoint\",\"contactType\":\"newsroom\",\"url\":\"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#corrections-feedback\",\"email\":\"tips@cryptoslate.com\",\"availableLanguage\":\"en-US\"}],\"masthead\":\"https:\/\/cryptoslate.com\/about\/#masthead\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/person\/7d8d6e15408b301718d9cc807053e582\",\"name\":\"Mike Dalton\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/mike-dalton-author-150x150.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/mike-dalton-author-150x150.jpg\",\"caption\":\"Mike Dalton\"},\"description\":\"Before transitioning to crypto writing in 2018, Mike studied library and information sciences.\",\"url\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Celsius Network burns entirety of its CEL holdings, eliminating 94% of total supply","description":"Celsius Network burned its CEL holdings, representing the majority of the token supply, on April 30.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/cryptoslate.com\/celsius-network-burns-entirety-of-its-cel-holdings-eliminating-94-of-total-supply\/","og_locale":"en_US","og_type":"article","og_title":"Celsius Network burns entirety of its CEL holdings, eliminating 94% of total supply","og_description":"Celsius Network burned its CEL holdings, representing the majority of the token supply, on April 30.","og_url":"https:\/\/cryptoslate.com\/celsius-network-burns-entirety-of-its-cel-holdings-eliminating-94-of-total-supply\/","og_site_name":"CryptoSlate","article_published_time":"2024-04-30T23:30:34+00:00","article_modified_time":"2024-04-30T23:09:48+00:00","og_image":[{"width":1200,"height":630,"url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/celsius-finances.jpg","type":"image\/jpeg"}],"author":"Mike Dalton","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Mike Dalton","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/cryptoslate.com\/celsius-network-burns-entirety-of-its-cel-holdings-eliminating-94-of-total-supply\/#article","isPartOf":{"@id":"https:\/\/cryptoslate.com\/celsius-network-burns-entirety-of-its-cel-holdings-eliminating-94-of-total-supply\/"},"author":{"@type":"Person","@id":"https:\/\/cryptoslate.com\/author\/mike-dalton\/#person","name":"Mike Dalton","url":"https:\/\/cryptoslate.com\/author\/mike-dalton\/","mainEntityOfPage":{"@id":"https:\/\/cryptoslate.com\/author\/mike-dalton\/"},"image":{"@type":"ImageObject","@id":"https:\/\/cryptoslate.com\/author\/mike-dalton\/#authorimage","url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/mike-dalton-author-300x300.jpg","contentUrl":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/mike-dalton-author-300x300.jpg","caption":"Mike Dalton"},"jobTitle":"Former Journalist","description":"Before transitioning to crypto writing in 2018, Mike studied library and information sciences.","worksFor":{"@id":"https:\/\/cryptoslate.com\/#organization"}},"headline":"Celsius Network burns entirety of its CEL holdings, eliminating 94% of total supply","datePublished":"2024-04-30T23:30:34+00:00","dateModified":"2024-04-30T23:30:34+00:00","mainEntityOfPage":{"@id":"https:\/\/cryptoslate.com\/celsius-network-burns-entirety-of-its-cel-holdings-eliminating-94-of-total-supply\/"},"wordCount":352,"commentCount":0,"publisher":{"@id":"https:\/\/cryptoslate.com\/#organization"},"articleSection":["Bankruptcy","Featured","Tokenization"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/cryptoslate.com\/celsius-network-burns-entirety-of-its-cel-holdings-eliminating-94-of-total-supply\/#respond"]}],"copyrightYear":"2024","copyrightHolder":{"@id":"https:\/\/cryptoslate.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/cryptoslate.com\/celsius-network-burns-entirety-of-its-cel-holdings-eliminating-94-of-total-supply\/","url":"https:\/\/cryptoslate.com\/celsius-network-burns-entirety-of-its-cel-holdings-eliminating-94-of-total-supply\/","name":"Celsius Network burns entirety of its CEL holdings, eliminating 94% of total supply","isPartOf":{"@id":"https:\/\/cryptoslate.com\/#website"},"datePublished":"2024-04-30T23:30:34+00:00","dateModified":"2024-04-30T23:30:34+00:00","description":"Celsius Network burned its CEL holdings, representing the majority of the token supply, on April 30.","breadcrumb":{"@id":"https:\/\/cryptoslate.com\/celsius-network-burns-entirety-of-its-cel-holdings-eliminating-94-of-total-supply\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/cryptoslate.com\/celsius-network-burns-entirety-of-its-cel-holdings-eliminating-94-of-total-supply\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/cryptoslate.com\/celsius-network-burns-entirety-of-its-cel-holdings-eliminating-94-of-total-supply\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/cryptoslate.com\/"},{"@type":"ListItem","position":2,"name":"Celsius Network burns entirety of its CEL holdings, eliminating 94% of total supply"}]},{"@type":"WebSite","@id":"https:\/\/cryptoslate.com\/#website","url":"https:\/\/cryptoslate.com\/","name":"CryptoSlate","description":"","publisher":{"@id":"https:\/\/cryptoslate.com\/#organization"},"inLanguage":"en-US"},{"@type":"NewsMediaOrganization","@id":"https:\/\/cryptoslate.com\/#organization","name":"CryptoSlate","url":"https:\/\/cryptoslate.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/","url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg","contentUrl":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg","width":1000,"height":1000,"caption":"CryptoSlate"},"image":{"@id":"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#editorial-principles","ownershipFundingInfo":"https:\/\/cryptoslate.com\/disclaimers\/how-cryptoslate-makes-and-spends-money\/","correctionsPolicy":"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#corrections-feedback","ethicsPolicy":"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#editorial-principles","foundingDate":"2017-08-04","founder":[{"@type":"Person","name":"Nate Whitehill"},{"@type":"Person","name":"Matthew Blancarte"}],"sameAs":["https:\/\/twitter.com\/cryptoslate","https:\/\/www.instagram.com\/cryptoslate","https:\/\/www.linkedin.com\/company\/cryptoslate","https:\/\/www.youtube.com\/c\/cryptoslate","https:\/\/t.me\/cryptoslatenews","https:\/\/www.tiktok.com\/@cryptoslatenews"],"contactPoint":[{"@type":"ContactPoint","contactType":"customer support","url":"https:\/\/cryptoslate.com\/contact\/","availableLanguage":"en-US"},{"@type":"ContactPoint","contactType":"sales","url":"https:\/\/cryptoslate.com\/contact\/?topic=advertising#contact-form","availableLanguage":"en-US"},{"@type":"ContactPoint","contactType":"newsroom","url":"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#corrections-feedback","email":"tips@cryptoslate.com","availableLanguage":"en-US"}],"masthead":"https:\/\/cryptoslate.com\/about\/#masthead"},{"@type":"Person","@id":"https:\/\/cryptoslate.com\/#\/schema\/person\/7d8d6e15408b301718d9cc807053e582","name":"Mike Dalton","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cryptoslate.com\/#\/schema\/person\/image\/","url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/mike-dalton-author-150x150.jpg","contentUrl":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/mike-dalton-author-150x150.jpg","caption":"Mike Dalton"},"description":"Before transitioning to crypto writing in 2018, Mike studied library and information sciences.","url":"https:\/\/cryptoslate.com\/author\/mike-dalton\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/415963"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/1403"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=415963"}],"version-history":[{"count":24,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/415963\/revisions"}],"predecessor-version":[{"id":415994,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/415963\/revisions\/415994"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/260749"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=415963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=415963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=415963"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=415963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}