Celsius token CEL rises 300% in one week amid a GameStop-like 'short squeeze' event

Celsius token CEL rises 300% in one week amid a GameStop-like 'short squeeze' event


The price of CEL, the native token of Celsius Network, has almost quadrupled since June 19 in what appears to be a frenzy stirred up by day traders.

CEL price short squeeze

CEL’s price rose from $0.67 on June 19 to $1.59 on June 21, a 180% spike compared to the crypto market’s 12.37% rise in the same period.

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Notably, the rally started after PlanC, an independent market analyst, announced a $20 million bounty for anyone who could prove that the Celsius Network suffered a coordinated attack at the hands of a third party, which prompted the crypto lending firm to suspend withdrawals last week.

CEL/USD daily price chart. Source: TradingView

The announcement led to a frenzy on Twitter, with many accounts placing the hashtag #CelShortSqueeze in their bio and thus reflecting

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