Over the past 30 days, Celsior Network’s native token, CEL, has appreciated in value by over 140% against the U.S. dollar. on July 13, just before the lending company filed for Chapter 11 bankruptcy protection. CEL was trading at $0.961 per unit. Following the news that the company had filed for bankruptcy protection, the native crypto asset fell 58% to a low of $0.40 on the same day.CEL has managed to rise from the decline, as the digital currency is currently trading at prices between $0.69 and $0.73 per coin on July 14.
The so-called CEL short squeeze attempt slipped and the token fell 58% after the bankruptcy news
Following the company’s suspension of withdrawals and other operations on its lending platform, traders on social media started a trend to get people to “short squeeze” the crypto asset CEL.18} Social media posts on Twitter,, posted on Redditand. andon Facebook, claiming that Celsius Network’s native token CEL is short-squeezed by members of the Celsius community.
Some proponents of the trendexplain that the skyrocketing value of CELs will help Celsius get out of its financial difficulties. Influencers claim the move is similar to the infamous Gamestop Short Squeeze attempt pushed by subredditr/wallstreetbetscommunity members.” [The] CEL Short Squeeze metrics are still on our side,” one individual wrote on Wednesday.” 93% of CEL tokens remain locked in Celsius.” The Twitter account added.
However, the promoters of the CEL Short Squeeze have come under fire as people have greatly criticized the idea.39} Some have said that individuals promoting the CEL Short Squeeze concept should be held responsible. Despite the criticism, as of writing on July 14, 2022, the concept is still being promoted on social media platforms. According to market data, Celsior Network (CEL) tokens have increased over 140% against the US dollar during the past month’s trading session.
Additionally, CEL hit a high on July 13, at $0.961 per unit according to Wednesday’s index, but on the same day CEL plunged to $0.40 per CEL after the company’s 11th bankruptcy filing made headlines. The crypto asset rebounded from the low of $0.40 per CEL tapped on Wednesday, and the next day, CEL was trading at just over $0.80 per coin on Thursday. At the time of writing, on July 14, 2022, between 4:30 PM and 5:30 PM ET, the CEL is trading between $0.69 and $0.73 per coin.
The CEL is down over 19% against the USD, while crypto assets are down 23% against Bitcoin (BTC) and 27% against Ethereum (ETH) The CEL is currently at 116 out of 13,400 crypto assets in existence Ranked, down 90% since the digital currency’s all-time high (ATH), CEL surpassed $8.05 per coin about a year ago on June 4, 2021 and was once ranked at36th in market capitalization
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