Celsius Network’s Token CEL Drops 58% After Bankruptcy Filing, So-Called ‘Short Squeeze’ Falters

During the past 30 days, the Celsius Network’s autochthonal token CEL accrued successful worth by implicit 140% against the U.S. dollar. On July 13, conscionable earlier the lending institution filed for Chapter 11 bankruptcy, CEL was exchanging hands for $0.961 per unit. Following the quality that the institution filed for bankruptcy protection, the autochthonal crypto plus dropped 58% to a debased of $0.40 connected the aforesaid day. CEL has managed to ascent backmost from the driblet arsenic the integer currency is presently swapping for prices betwixt $0.69 to $0.73 per coin connected July 14.

So-Called CEL Short Squeeze Attempt Slips, Token Drops 58% After Bankruptcy News

Following the institution pausing withdrawals and different operations connected the lending platform, traders connected societal media started a inclination to get radical to “short squeeze” the crypto plus CEL. Social media posts connected Twitter, Reddit, and Facebook assertion that Celsius Network’s autochthonal token CEL is being short-squeezed by members of the Celsius community.

Some radical promoting the trend explicate that getting CEL’s worth to skyrocket volition assistance the institution Celsius get retired of fiscal trouble. Influencers assertion the determination is akin to the infamous Gamestop abbreviated compression attempt pushed by the assemblage members from the subreddit r/wallstreetbets. “[The] CEL Short Squeeze metrics inactive connected our side,” 1 idiosyncratic wrote connected Wednesday. “93% CEL token remains locked up connected the Celsius,” the Twitter relationship added.

However, CEL abbreviated compression promoters person travel nether occurrence arsenic radical person criticized the idea a large deal. Some person said that individuals promoting the CEL abbreviated compression conception should beryllium held accountable. Despite the criticism, the conception is inactive being promoted connected societal media platforms astatine the clip of penning connected July 14, 2022. Market data shows that celsius web (CEL) tokens person accrued much than 140% against the U.S. dollar during the past period of trading sessions.

Moreover, CEL tapped a precocious connected July 13, astatine $0.961 per portion according to Wednesday’s metrics but connected the aforesaid day, CEL plummeted to $0.40 per CEL aft the company’s Chapter 11 bankruptcy filing was featured successful headlines. The crypto plus did rebound from the $0.40 per CEL debased tapped connected Wednesday and the pursuing day, CEL was trading for conscionable implicit $0.80 per coin connected Thursday. At the clip of writing, connected July 14, 2022, betwixt 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 much than 19% against the U.S. dollar, the crypto plus is down 23% against bitcoin (BTC) and 27% against ethereum (ETH). CEL is presently ranked 116 retired of the 13,400 crypto assets successful existence, and it’s down 90% since the integer currency’s all-time precocious (ATH). CEL tapped $8.05 per coin astir a twelvemonth agone connected June 4, 2021, and it was erstwhile ranked successful the 36th position successful presumption of marketplace capitalization.

What bash you deliberation astir the alleged CEL abbreviated compression and the crypto plus dropping much than 58% successful worth connected Wednesday? Let america cognize your thoughts astir this taxable successful the comments conception below.