Summary: Celsius Network’s coin, CEL, is trading at $1.21 at the time of writing, good for a 36% increase in the last 24 hours, according to Bitpush Terminal data. However, the question becomes is Celsius stabilizing or is there an attempt at a gamestop-esque short squeeze in play? Here is a live look at CEL’s last ...
Celsius Network’s coin, CEL, is trading at $1.21 at the time of writing, good for a 36% increase in the last 24 hours, according to Bitpush Terminal data. However, the question becomes is Celsius stabilizing or is there an attempt at a gamestop-esque short squeeze in play?
Here is a live look at CEL’s last month of trading via the Bitpush Terminal. It is up almost 700% from its June 12 price of $0.17.
The price increase could be due to an effort orchestrated by Celsians, the unofficial community on Twitter for Celsius enthusiasts around the world, that posted a tweet on June 19 explaining how to accomplish a short squeeze. Rallying around the twitter hashtag #CELShortSqueeze, buyers were encouraged to buy CEL on FTX, a crypto exchange, move it to decentralized exchanges and set sell limit orders.
This plan is analogous to GameStops short squeeze in January 2021, where day traders rallying on reddit and other social media platforms pushed the price of GME to over 1,000% in the course of two weeks.
TheRealPlanC on Twitter also commented on the recent possible short squeeze attempt saying, “Like I said a few days ago, $CEL short squeeze was coming….”
This potential short squeeze comes a little over a week after Celsius halted trades, swaps and transfers between accounts on their platform, citing extreme market conditions. Since that June 13 announcement, they released an update on June 19 letting their community know that there is still a stop on those features on their platform. Celsius has not commented on the short squeeze claims nor have they provided any more commentary post their June 19 update.
“It has been one week since we paused withdrawals, Swap, and transfers,” the update said. “We want our community to know that our objective continues to be stabilizing our liquidity and operations. This process will take time.”
If their assessment of their current situation is correct, it would seem that the potential for a short squeeze is more likely than their network stabilizing. In addition, they haven’t un-paused their paused operations. Everything still remains unclear at the moment.
Author: Tyler Irvin