Celsius Network appears to be making every effort to recover its users’ faith. The decentralized finance (DeFi) network declared a week ago that withdrawals, swaps, and transfers would be suspended, causing panic in the market. Following this statement, the value of the CEL coin plummeted.
CEL was up 135% at the time of writing. The increases might be attributable to the Celsius Network’s recovery plan and the community’s enormous pumping of the token, pressuring short-sellers.
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Celsius Halts Services
The Network declared that services will be halted due to difficult economic conditions. The present market instability has impacted a number of other crypto companies, including Babel Finance.
On Monday, Celsius issued a statement where they reassured their community members that their mission is to maintain the stability of operations and liquidity. While the team is working very hard towards achieving this, it is not an overnight process.
The network stated that it was working with the appropriate regulatory organizations and officials to resolve the paused services. Celsius has also paused its Twitter accounts and Ask Me Anything (AMA) sessions in order to focus on managing these unprecedented hurdles and meeting our community’s needs.
Celsius Faces GameStop Like Situation
While the Celsius team has not provided any concrete plans for resuming the suspended services, the community has taken things into its own hands and taken a number of steps. The first is a brief squeeze like what you’d find in a GameStop.
CEL soared approximately 500% in 30 minutes on June 14. The rise has persisted in recent days, and it is being linked to a short squeeze on those shorting the CEL token due to the firm’s uncertain future. The Celsius community is urging other members to purchase CEL in order to cause a large price increase.
Over the last few days, the hashtag #CELShortSqueeze has been gaining steam. The hashtag encourages people to purchase CEL tokens and withdraw them from exchanges. Short sellers of the token will be forced to cover their short positions as a result of this.
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When the subreddit r/Wallstreetbets discovered that large Wall Street institutions had shorted GameStop and AMC stocks, this approach became popular on Reddit early last year. Members of the group inflated the token’s value to about 25 times its value at the start of the month. Short-sellers on Wall Street were forced out as a result of this move.
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