Celsius Network is bankrupt, so why is CEL price up 4,000% in two months?

2022.08.14 01:06

Crypto lending platform Celsius Network has an approximately $1.2 billion gap in its balance sheet, with most liabilities owed to its users. In addition, the firm has filed for bankruptcy protection, so its future looks bleak.

Still, Celsius Network’s native utility token CEL has soared in valuation by over 4,100% in the last two months, reaching around $3.93 on Aug. 13 compared to its mid-June bottom of $0.093.

Celsius Network is bankrupt, so why is CEL price up 4,000% in two months?