Celsius day traders punish bears by refusing to sell the 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'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.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.
The hashtag was trending higher in the U.S. on Twitter. Meanwhile, internet queries for the keyword,"CEL short squeeze" also reached a perfect score of 100 between June 12 and June 18, according to data tracked by Google Trends.The"trending" hashtag and keyword hint that day traders bought CEL tokens en masse, thus pushing its price upward.
Thus, investors who were"short," i.e., those who borrowed and sold the token in anticipations of buying it back at a lower price, had to purchase back at a higher price instead to"cover" their bearish positions.this actually might become the trade of the year. Shorters got REKT big time...
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