Centennial fires after a short squeeze organized on Twitter by Benzinga Spain

The short squeeze organized by retailers saw the original cryptocurrency of bankrupt Celsius Network (CRYPTO: CEL) surge as much as 25% on Monday.

What you should know CEL rose from $1.44 to a 24-hour high of $1.82, according to data from Benzinga Pro. The coin is up 21.89% against (CRYPTO:) and 19.9% ​​against (CRYPTO: ETH) at press time.

Crypto asset managers largely attributed the rally to short squeezes organized by retail traders Twitter Inc. (NYSE: NYSE: :).

Good morning #CelShortSqueeze Gang

Are you guys buying CEL and making money?! https://t.co/XQjqOGCUsb pic.twitter.com/zYJJAMzaYQ

– WSB Crypto Mod (@traderrocko) August 8, 2022

Led another kamikaze purchase on FTX_Official to the #Celshortsqueeze community.

I won’t stop until you reach $100.

I don’t care about money. pic.twitter.com/4kvi28FBkY

– Juno Spears (@Bitcoinfinity) August 8, 2022

The surge in the stock price has caused 300,000 CEL short positions to close on FTX, CoinDesk reports. Data from CoinGlass shows that $780,000 of CEL short positions have been liquidated in the past 24 hours.

“Since the circulating supply is so small, it is technically possible to create short pressure, although the impact on the market as a whole may be very limited and difficult to maintain over a longer period of time,” he said. Samir (CSE 🙂 Kerbage, Director of Technology and Products for Hashdex at CoinDesk.

Celsius filed for bankruptcy last month after freezing withdrawals and suspending deposits. More than 80% of CEL tokens are closed, making it a low-liquid token and making it more difficult for short traders to buy CEL in the market to hedge their positions.

In June, the CEL rate rose by 100% in one day as a result of another short squeeze organized by retailers.

Do you want to trade like a pro? Evidence – proof Free The Featured Newsletter 4 in 1 from Benzinga Spain with stocks, hacks, cryptocurrencies and options.

Read the article also in Benzinga Spain