Celsius has halted withdrawals on its platform and it sent shivers down the spine of investors. Interestingly, the platform’s native coin CEL values have zoomed by a mind boggling 130% in a single day.
Celsius Trading Volume Surges by 406% In 24 Hours
Celsius crypto tokens had tanked by almost half its former value to reach $0.20 on June 13.However later the fortunes of the token improved and CEL prices sky rocketed by 375% in the past week. It constitutes the highest gain by any crypto asset among the top 100 in the past one week. CEL is presently trading at a price of $1.28, at the press time. Its 24 hours trading volume has surged by over 400% to stand at $66.7 million.
Experts are trying to decode the sudden surge in CEL prices and hinted the existence of a shot squeeze setup. A majority of CEL Token supply (87%) are locked in the network. Since withdrawals are at present frozen, CEL has become the most sorted Token in the FTX platform.
The Short Traders loaned 18 million CEL Tokens from FTX Exchanges. Thereafter it was sold through various platforms leading to CEL prices tumbling down to $0.20. The traders put a short order on FTX and bought 37 million tokens for a paltry sum of $0.1. This confirms the fate of Celsius tokens which is doomed. As on date 11.29 million CEL tokens are available on the exchange wallet. Celsius has a circulating supply of 695 million out of which around 320 million token is locked in the treasury.
Celsius Targets Stable Liquidity
As per CEL its final aim is to stabilize the liquidity and operations. This process wil take some time before its goals are achieved. Meanwhile, the crypto lender has come forward to repay $10 million worth of DAI stable coin to Compound Finance.