Since forming a local low of $0.86 on August 27, the CEL has been closing a series of high lows on the daily chart.
After the CEL price reached $8.05 on June 4, 2021, the token dropped to $0.08 on June 13. Since then, the CEL has climbed as high as $4.62 on August 15.
On June 13, the company announced that it was suspending withdrawals due to “extreme market conditions”. Weeks before the announcement, rumors were circulating that the company was going bankrupt.Since then, numerous allegations have emerged centered around poor or even fraudulent management of user funds.
After several DeFi loan repayments, Celsius filed for Chapter 11 bankruptcy on July 13. Court filings and whistleblowers’ disclosures exposed the company’s inner workings, including allegations of CEL price manipulation.
The last communication from the company’s official Twitter was on September 1. The post spoke of progress in “editing” the claims process in the coming weeks and a court request to remove personally identifiable information from “select materials”.
What’s behind the movement?
The absence of positive fundamental developments indicates that speculative forces are behind CEL’s recent price increase.
Twitter account @CELCATOFFICIAL reports that theThe Celsius token is among the top ten earning 24 hours, up 13%.
hashtag #CelShortSqueeze is currently trending.
#CelShortSqueeze is Trending because we’re UNSTOPPABLE!!!— 𝗰𝗲𝗹 𝗰𝗮𝘁 🅒° (@CELCATOFFICIAL) September 12, 2022
LETS GO 🚀🚀🚀🚀🚀🚀🚀🚀
A short squeeze means the price of an asset will rise, prompting traders who bet that its price will fall to buy to close their open positions and avoid larger losses.
Terra Classic (LUNC), another “dead token”, has gained 280% in the last 30 days. However, this has been tied to efforts to revive the token through new features, including token burning and high APY staking