Celsius Token Is Up 2,000% Since The Company Halted Withdrawals, Here’s Why

CEL token continues to surge, gains nearly 2,000% since Celsius suspended withdrawals

CEL token dropped to as low as $0.1941 on June 12 when the troubled crypto lender announced that it was halting withdrawals.

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Since then the token has surged nearly 2,000% as it trades above $3.75.

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The price of the token is mostly driven by a group of traders who spotted a short squeeze opportunity.

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This group of short squeezers forced CEL short sellers to buy back at a higher price to cover their positions.

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A similar incident happened last year with GameStop stock when billionaire hedge fund managers recorded massive losses for shorting the stock.

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Celsius founder and CEO Alex Mashinsky cashed out some of his CEL token holdings after the token’s price surged manifolds.

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Mashinsky is reportedly among the largest individual CEL holders after Celsius’ treasury.

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