The native token of theCelsius NetworkCEL/USD unexpectedly rallied 66% immediately after theEthereumETH/USD Merge, leaving many market participants confused.
What Happened:CEL surged from around $1.9 to a high of $3 within 60 minutes of the Ethereum Merge on Sept. 15.
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Some traders reported that CEL reached higher levels on certain crypto exchanges, withone accountof the token hitting $6.08 onOKXand another saying that the tokenbreachedthe $8 mark on Huobi.
pic.twitter.com/beDwo2jjeF Hodl – #celshortsqueeze (@nishan666) September 15, 2022
While CELs price action is likely the result of a retail trader-orchestrated short squeeze that has been in the works for several weeks, the curious timing of the coins rally coinciding with the Ethereum Merge prompted comments from industry watchers including Ethereum creatorVitalik Buterin.
I think it's trying to figure out the new correct price level now that it's converted to Fahrenheit vitalik.eth (@VitalikButerin) September 15, 2022
I think it's trying to figure out the new correct price level now that it's converted to Fahrenheit, Buterinjoked onTwitter, referring to the token issuers recent fall from grace.
In July, the crypto lender Celsius Network filed forChapter 11 bankruptcyafter halting withdrawals. The crypto lender is said to owe its users around $4.7 billion.
Photo: Courtesy ofJohn Phillips via Wikimedia
