Celsius token hits 3-month high reclaiming $2 level as buying pressure mounts
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Despite crypto lending platform Celsius running into financial troubles that resulted in the firm filing for bankruptcy, the lender’s underlying token CEL has surged to hit a three-month high.
In particular, by press time, the token was trading at $1.97, a growth of over 24% in the last 24 hours. During the early trading hours of Tuesday, August 9, CEL temporarily reclaimed the $2 mark and has gained by over 175% since the firm filed for bankruptcy in mid-July, according to CoinMarketCap data.
Additionally, CEL has also recorded a significant capital inflow amid sustained buying pressure. In this line, the token’s market capitalization as of August 9 stood at $473 million, growing by $170 million from the $303 million recorded on August 2.
Furthermore, CEL has likely received support from social media-inspired short squeeze campaigns. In a coordinated Twitter activity, under the #CELShortSqueeze banner, the Celsius community has attempted to drive up CEL to force close short sellers’ positions.
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