Celsius Repays $120 Million Worth of DAI to Maker Within 24 Hours

The cryptocurrency market has been aiming a rebound for some time, and although some tokens are headed in that direction, others have not yet started that pace.

Unexpectedly, Celsius Network's CEL, which is in a pickle but yet able to make money, is one of them.

Celsius Repays

One of the week's main headlines was Celsius, which began the month of July by returning about $150 million in DAI to Maker, the network that runs the DAI stablecoin and from which it had borrowed nearly $258 million.

The previous 24 hours saw the payback of over $120 million as Celsius remitted back DAI in 3 installments of 64 million, 50 million, and 6.2 million DAI.

The lending procedure still owes Maker around $82 million in unpaid DAI debt, nevertheless. When the general market circumstances started to turn negative recently, the DeFi program started to suffer losses.

The protocol's losses increased as the situation deteriorated, and as a consequence, despite having invested $1.8 billion in the Dapp, it is now experiencing losses of about $654 million.

The company, which has been on the verge of going out of business, is nevertheless able to pay out prizes to its subscribers. This follows the protocol's halt of withdrawals last month in an effort to stop a decline brought on by deteriorating market circumstances.

The network is looking at measures to safeguard and maintain the resources on its platform, according to the most current statement from the Celsius team. In addition, the statement said that among other possibilities, "...options include exploring strategic deals as well as a restructuring of our obligations. We want the public to be aware that our teams are working with specialists from many different fields despite the fact that these thorough investigations are complicated and time-consuming.

Charts of Celsius Are Heating Up

While the network is in trouble, its native coin, CEL, is not and has been able to capitalize on market optimism by staging a rise. The altcoin has soared by 68.51 percent to trade over $1 in the just three days.

This helped to preserve the 323.66 percent rally that it had had in the second half of June, which was negatively affected by the 47.75 percent drop it suffered the previous week.

The Parabolic SAR is undoubtedly showing a decline in terms of where it may go from here, but the Relative Strength Index (RSI) is showing prolonged bullishness. Thus, if the network does not crash, CEL may wind up being merged.