CEL Token Plummets 13% as Mashinsky’s Courtroom Outburst Sparks Market Panic
Celsius Network’s CEL token took a nosedive as founder Alex Mashinsky reportedly lashed out during his sentencing hearing—because nothing reassures investors like a good old-fashioned tantrum.
Market reaction: faster than a DeFi flash loan attack. The token’s freefall mirrors the credibility of yet another crypto executive who thought rules were for ’other people.’
Silver lining? At least the SEC didn’t have to lift a finger this time—the crypto industry’s penchant for self-immolation remains undefeated.
DOJ Pushes for Lengthy Sentence
Mashinsky had pleaded guilty in December 2024 to manipulating CEL’s price. He also accepted fraudulently offloading $48 million worth of tokens before Celsius collapsed in June 2022.
Mashinsky’s response comes after the DOJ labeled his actions calculated in its April 28 recommendation, suggesting a 20-year prison sentence. Prosecutors first leveled seven charges against him in July 2023.
Celsius filed for Chapter 11 bankruptcy in July 2022, leaving a $4.7 billion crater in its wake. A restructuring plan approved in November 2023 led to partial repayments, with $2.53 billion distributed to over 250,000 creditors as of August 2024.
CEL Price Outlook
Despite CEL’s recent rally, X data shows that many traders are cautious due to its scandal-ridden past and volatile price action. Notably, the token is currently down nearly 99% from its 2021 all-time high of $8.02.
On the daily CEL price chart, the RSI hovers NEAR 57, gradually moving toward overbought territory after its recent spike. A rise in RSI with sustained trading volume could lead the token to retest $0.139 again.
CEL price chart with Bollinger bands and RSI | Source: Trading View
The Bollinger Bands have widened slightly, with price now retreating from the upper band, a sign of a short-term cooldown. $0.087 acts as crucial support for CEL and a drop below this could send the token back into prolonged bearish consolidation.
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