During the last 30 days, the Celsius Network’s native token CEL increased in value by over 140% against the U.S. dollar. On July 13, just before the lending company filed for Chapter 11 bankruptcy, CEL was exchanging hands for $0.961 per unit. Following the news that the company filed for bankruptcy protection, the native crypto asset dropped 58% to a low of $0.40 on the same day. CEL has managed to climb back from the drop as the digital currency is currently swapping for prices between $0.69 to $0.73 per coin on July 14.
So-called CEL Short Compression Attempt Slips, Token Drops 58% After Bankruptcy
Following the company’s suspension of withdrawals and other operations on the lending platform, traders on social media started a trend of getting people to “short” the CEL crypto asset. Social media posts on TwitterReddit and Facebook claim that Celsius Network’s native CEL token is minted by members of the Celsius community.
Some people promoting the trend explain that getting CEL’s value to skyrocket will help the company Celsius get out of financial trouble. Influencers claim the move is akin to the infamous Gamestop short squeeze attempt pushed by the community members from 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.
However, promoters of CEL short squeeze have been criticized as people have criticized the idea a good deal. Some have said that those promoting the short compression concept of CEL should be held accountable. Despite the criticisms, the concept is still being promoted on social media platforms as of writing July 14, 2022. Market data shows that celsius network (CEL) tokens are up over 140% against the dollar American over the past month of trading sessions.
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. The crypto asset did rebound from the $0.40 per CEL low tapped on Wednesday and the following day, CEL was trading for just over $0.80 per coin on Thursday. At the time of writing, on July 14, 2022, between 4:30 p.m. to 5:30 p.m. (ET), CEL is trading for $0.69 to $0.73 per coin.
While CEL is down more than 19% against the US dollar, the crypto asset is down 23% against bitcoin (BTC) and 27% against ethereum (ETH). CEL is currently ranked 116 out of 13,400 existing crypto assets, and it has fallen 90% since the all-time high in digital currency (ATH). CEL mined $8.05 per coin about a year ago on June 4, 2021, and it was once ranked at the 36th position by market capitalization.
