During the last 30 days, the Celsius Network’s native token CEL increased in value by over 140% against the U.S. dollar. CEL could be bought for $0.961 each unit just hours before the lender filed Chapter 11 bankruptcy. The native cryptocurrency asset plunged 58%, to $0.40 the day after the announcement that the lending company had filed bankruptcy protection. CEL is now trading at $0.69 to $0.73 per currency on July 14th, and has begun to rebound from this drop.
CEL Short Squeeze Token Slips and Drops 58% after Bankruptcy News
Following the company pausing withdrawals and other operations on the lending platform, traders on social media started a trend to get people to “short squeeze” the crypto asset CEL. Photos from social media Twitter, Reddit, and Facebook claim that Celsius Network’s native token CEL is being short-squeezed by members of the Celsius community.
There are some people who advocate for the trend explain that getting CEL’s value to skyrocket will help the company Celsius get out of financial trouble. The move, according to influential people, is similar to the Gamestop short squeeze effort that was pushed by community members on the subreddit R/wallstreetbets. “[The] CEL Short Squeeze metrics still on our side,” one individual wrote on Wednesday. “93% CEL token remains locked up on the Celsius,” the Twitter account added.
CEL shortscrew promoters came under fire because people are now aware of their actions. criticized the idea a great deal. Some people have. saidCEL short-squeeze advocates should be held to account. The concept continues to be promoted via social media, despite the criticisms. According to market data, celsius network tokens (CEL), have seen a 140% increase in value against the U.S. Dollar over the past month.
Moreover, CEL tapped a high on July 13, at $0.961 per unit according to Wednesday’s metrics but on the same day, CEL plummeted to $0.40 per CEL after the company’s Chapter 11 bankruptcy filing was featured in headlines. CEL traded for $0.80/coin on Thursday after rebounding from its $0.40 per CEL lowest on Wednesday. CEL trades between $0.69 and $0.73 per coin at the time of this writing on July 14th, 2022 (ET).
CEL is currently down over 19% against U.S. dollars. However, it is up 23% against Bitcoin (BTC) as well as 27% against Ethereum (ETH). CEL is currently ranked 116 out of the 13,400 crypto assets in existence, and it’s down 90% since the digital currency’s all-time high (ATH). CEL was able to tap $8.05 per token one year ago, on June 4, 2021. Previously it was ranked 36th in terms market capitalization.
You think the CEL short squeeze was a success? What did you make of the cryptocurrency asset’s drop in value by more than 58% on Wednesday? Please share your views on this topic in the comment section.
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