Home / Analysis / Crypto / Price Predictions / Celsius Price Prediction 2024: CEL Supply Slashed After Burning

Celsius Price Prediction 2024: CEL Supply Slashed After Burning

Last Updated May 6, 2024 10:19 AM
Giuseppe Ciccomascolo
Last Updated May 6, 2024 10:19 AM

Key Takeaways

  • Celsius’ CEL token debuted on the market in February 2018.
  • CEL jumped to its all-time high in mid-2021 but soon dropped to under $1.
  • One price prediction expects it to reach $2.98 in 2025.

Celsius Network took a significant stride towards enhancing the value of its ecosystem by executing a substantial burn of its CEL holdings on April 30.

The data unveils a staggering burn of 652.2 million CEL tokens, symbolizing the lion’s share of the token supply, accomplished through the transfer to a null address.

This incineration event marks a momentous 94% reduction from the previous total supply, which stood at 692.8 million CEL, translating to an approximate market value of $83.2 million based on prevailing market rates.

Following this pivotal transaction, the token’s remaining supply now stands at 40.6 million CEL, underscoring Celsius Network’s commitment to bolstering scarcity and fortifying the token’s intrinsic value.

Celsius did not immediately respond to a request for comment.

But what is Celsius (CEL)? How does It work? Let’s find out, and we can also look at some of the Celsius Price Predictions that were being made as of May 6, 2024.

Celsius Coin Price Prediction

Let’s examine some of the Celsius price predictions made on May 6, 2024. It is crucial to remember that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.

2024 2025 2030
Prediction #1 $1.30 $1.54 $4.44
Prediction #2 $1.10 $2.98 $2.77
Prediction #3 $0.8714 $1.28 $7.90

First, CoinCodex  had a short-term Celsius price prediction that saw the coin go to $0.60 by May 11 before jumping to $0.61 by June 5. The site’s technical analysis was bullish, with 28 indicators sending encouraging signals and three making a bearish one.

Celsius Price Prediction for 2024

DigitalCoinPrice  said Celsius would reach $1.30 this year, while CoinDataFlow  expects it to be at $1.10, and PricePrediction.net  said CEL would close the year at $0.8714. 

Celsius Price Prediction for 2025

PricePrediction.net said Celsius would reach $1.28 and CoinDataFlow sees it at $2.98. DigitalCoinPrice said CEL would trade at $1.54.

Celsius Price Prediction for 2030

Moving on to a more long-term Celsius price prediction, CoinDataFlow said the coin would be worth $2.77 in 2030 and PricePrediction.net expects it to be $7.90. DigitalCoinPrice made an CEL price prediction of $4.44 at the start of the next decade.

Google Gemini AI Price Prediction for Celsius (as of May 6)

Google’s Gemini AI platform gave the following price prediction for Celsius on May 6. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligence price predictions are predicated on past performances and are not entirely accurate.

Short Term (Next three months)

  • Expected price: $0.46
  • Factors to Consider:
    • Overall crypto market recovery: If the general cryptocurrency market experiences a significant upswing, CEL could potentially see some positive price movement along with it.
    • Positive Celsius Network news: If Celsius Network releases positive news or developments that restore investor confidence, the price could rebound.

Medium Term (Next six months)

  • Expected price: $1.42
  • Factors to Consider:
    • The overall cryptocurrency market trend will significantly impact CEL. If the market continues its recent downturn, CEL will likely follow.
    • News and developments specific to Celsius Network, such as partnerships or legal issues, can also drastically affect the price.

Long Term (Next five years)

  • Expected price: $0.7
  • Factors to Consider:
    • Overall Cryptocurrency Market Trends: The price of CEL is heavily influenced by the overall sentiment in the cryptocurrency market. If the market experiences a bull run, CEL is likely to rise as well.
    • Celsius Network Performance: The success and adoption of the Celsius Network platform will directly impact the demand for CEL tokens.
    • Regulations: Regulatory changes in the cryptocurrency space could significantly impact the price of CEL.

Celsius Price History

Let’s now look at some of the highlights and lowlights of the Celsius price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting a Celsius price prediction. 

Celsius price history
Celsius price in 2023 and 2024. | Credit: CoinMarketCap

When Celsius first entered the open market in February 2018, it was worth $0.05303. It has traded under $0.50 for the following three years, before jumping in mid-2021, reaching its all-time high of $7.7651 in June that year.

In line the crypto market downtrend, the coin dropped since then, trading under $1 for the rest of his life, except a short-lived rebound to $2.8752 in August 2022.

As of May 6, 2024, CEL is worth $0.5909.

At that time, there were 238.9 million CEL, out of a total supply of 695.7 million. This gave Celsius a market cap of about $140.9 million, making it the 360th largest crypto by that measurement.

Is Celsius a Good Investment?

It is hard to say. The coin has been around for about six years now and its price has decreased notably since its all-time high reached in mid-2021.

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in Celsius.

Will Celsius go up or down?

No one can really tell right now. While the Celsius crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.

Should I invest in Celsius?

Before you decide whether or not to invest in Omni Network, you will have to do your own research, not only on OMNI, but on other, related, coins and tokens such as Ethereum (ETH) and Solana (SOL). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Celsius (CEL) Explained

Celsius Network  is a regulated, SEC-compliant lending platform that allows users to receive interest on deposited cryptocurrencies or obtain loans using cryptocurrencies as collateral.

It tries to attract users by offering high returns on their deposits, as well as benefits such as fast, fee-free transactions. For cryptocurrency investors looking to get a loan, Celsius offers the opportunity to receive cash without cashing out their cryptocurrency holdings.

Celsius Network achieved a significant milestone with the approval of its restructuring plan by the US bankruptcy court. This plan not only ensured, in November 2023, the return of cryptocurrency to customers but also laid the foundation for the establishment of a new entity owned by Celsius creditors.

How CEL Works

The system is based on the native CEL token, which is used to obtain loans, provide rewards and make payments.

Celsius Attention Tracker

Celsius Google search volume
Celsius Google search volume for the last 90 days. Credit | Google
Here is a chart for Celsius’ Google search volume for the past 90 days. This represents how many times the terms “Celsius CEL” has been Googled over the previous 90 days.

FAQs

How many Celsius are there?

As of May 6, 2024, there were 238.9 million CEL, out of a total supply of 695.7 million.

Will CEL reach $1?

According to all main predictions, the token will reach that level by the end of this year.

What is Celsius?

Celsius Network is a regulated, SEC-compliant lending platform that allows users to receive interest on deposited cryptocurrencies or obtain loans using cryptocurrencies as collateral.

Celsius tries to attract users by offering high returns on their deposits, as well as benefits such as fast, fee-free transactions. For cryptocurrency investors looking to get a loan, Celsius offers the opportunity to receive cash without cashing out your cryptocurrency holdings.

Disclaimer

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

Was this Article helpful? Yes No