$CEL token just pumped 100% in 7 days.
Excited by yesterday's wick to $2.70? We're just getting started.
Low liquidity. Heavy shorting. Dream setup for a short-squeeze.
🧵: The TLDR on #CelShortSqueeze 👇
Excited by yesterday's wick to $2.70? We're just getting started.
Low liquidity. Heavy shorting. Dream setup for a short-squeeze.
🧵: The TLDR on #CelShortSqueeze 👇
2/ Is #CelShortSqueeze just another meme?
Meme culture defines CT & crypto by default.
If a picture is worth 1,000 words, a catchy meme is worth 1,000 RTs.
We got your attention with our killer memes. Now let the numbers speak for themselves...
Meme culture defines CT & crypto by default.
If a picture is worth 1,000 words, a catchy meme is worth 1,000 RTs.
We got your attention with our killer memes. Now let the numbers speak for themselves...
https://twitter.com/MaciejPorczek/status/1557588784857772032?s=20&t=RvlvPbY1-DhbMRluGMW2yg
3/ The squeeze is working. Look at the chart. Since @CelsiusNetwork withdrawals were halted, we’ve had three “mini-squeezes” already.
$CEL token is back above $2, more specifically $2.50 at the time of writing, up 100% in 7 days, from $1.25 to $2.50.
$CEL token is back above $2, more specifically $2.50 at the time of writing, up 100% in 7 days, from $1.25 to $2.50.
4/ #CelShortSqueeze isn't just trending on Twitter. We've been featured in major media publications:
@ForbesCrypto
@CoinDesk
@YahooFinance
forbes.com/sites/mariagra…
@ForbesCrypto
@CoinDesk
@YahooFinance
forbes.com/sites/mariagra…
https://twitter.com/ForbesCrypto/status/1556765613279805447?s=20&t=RvlvPbY1-DhbMRluGMW2yg
https://twitter.com/ForbesCrypto/status/1549506870594904064?s=20&t=RvlvPbY1-DhbMRluGMW2yg
https://twitter.com/CoinDesk/status/1556750568336629760?s=20&t=RvlvPbY1-DhbMRluGMW2yg
5/ How did #CelShortSqueeze begin?
#CelShortSqueeze began after a 🧵 by @otisa502 went viral on June 15th. It started as a grass-roots “revenge of the shorts” trade by those in the #Celsius community whom suffered liquidated $CEL-backed loans.
#CelShortSqueeze began after a 🧵 by @otisa502 went viral on June 15th. It started as a grass-roots “revenge of the shorts” trade by those in the #Celsius community whom suffered liquidated $CEL-backed loans.
https://twitter.com/otisa502/status/1537170718001078274?s=20&t=k828DbM9Yl3SwOF__VacLQ
6/ This inspired my first @Medium article a mere five days later:
medium.com/@cryptoismyjam…
$CEL token pumped to $1.50.
We’ve been squeezing ever since.
medium.com/@cryptoismyjam…
$CEL token pumped to $1.50.
We’ve been squeezing ever since.
7/ What is #CelShortSqueeze?
Recognizing the trade opportunity on the heavily shorted, illiquid token, #Celsians rallied together in the form of the #CelShortSqueeze — spending their own $ to buy $CEL & keep it from going to $0, despite the short-sellers' best efforts on @ftx.
Recognizing the trade opportunity on the heavily shorted, illiquid token, #Celsians rallied together in the form of the #CelShortSqueeze — spending their own $ to buy $CEL & keep it from going to $0, despite the short-sellers' best efforts on @ftx.
8/ People worldwide have strong emotional & financial ties to @CelsiusNetwork. They refuse to stand by while it’s attacked without doing something about it.
That “something” is #CelShortSqueeze.
That “something” is #CelShortSqueeze.
https://twitter.com/dansohymi/status/1557575799347511296?s=20&t=RvlvPbY1-DhbMRluGMW2yg
9/ Celsius owns more than half of the $CEL tokens in existence, anywhere between 320 million to 350 million.
Over 93% of $CEL has been locked since Celsius halted withdrawals on June 12. The current @ftx $CEL supply is 5.5 million & current spot shorts on FTX are 2.7 million.
Over 93% of $CEL has been locked since Celsius halted withdrawals on June 12. The current @ftx $CEL supply is 5.5 million & current spot shorts on FTX are 2.7 million.
10/ If $CEL increases to $4+, while this may just be cosmetic on the company’s balance sheet, because $CEL is a low-liquidity crypto, Celsius could possibly get a loan from a third-party entity against their Treasury, as an example...
11/ Or it may give a third-party entity confidence to help bail out Celsius, since the Treasury would be worth approximately $1.3 billion at a CEL price of $4.
12/ This means the hole in Celsius’ balance sheet is eradicated on paper & this will help depositors — along with any Plan/Proposal that Celsius comes up with — get access to a % of their funds again on a tbd basis.
13/ And hey, maybe squeezers can make some money on the trade and REKT some shorts in the meantime for their efforts.
https://twitter.com/thomas_quinlan/status/1557354938572935170?s=20&t=ARPZzUdcoh8Qrgm6nbCl9A
14/ How does the Chapter 11 Filing affect #CelShortSqueeze?
We believe the Chapter 11 filing furthers the case for the #CelShortSqueeze. Prior to the filing, there was a fear that Celsius could undo withdrawals at any time.
We believe the Chapter 11 filing furthers the case for the #CelShortSqueeze. Prior to the filing, there was a fear that Celsius could undo withdrawals at any time.
15/ Now with the Chapter 11 filing, any withdrawals and/or swaps are halted indefinitely until the restructuring process is completed.
This simply means that $CEL will continue to be an illiquid token for the foreseeable future.
This simply means that $CEL will continue to be an illiquid token for the foreseeable future.
16/ Furthermore, Chapter 11 is not Chapter 7, meaning this is not worst-case scenario.
While the future of Celsius is uncertain, the company is still working to find a sustainable solution to stay in business & continue as a going-concern with its Chapter 11 reorganization plan.
While the future of Celsius is uncertain, the company is still working to find a sustainable solution to stay in business & continue as a going-concern with its Chapter 11 reorganization plan.
17/ Comparing #CelShortSqueeze to $GME
What they have in common: The narrative. The big bad trader/exchange/Wall St. type vs. the little guy/retail trader.
$GME was great fun. Last year I made a 67x!
What they have in common: The narrative. The big bad trader/exchange/Wall St. type vs. the little guy/retail trader.
$GME was great fun. Last year I made a 67x!
18/ But for most of us the #CelShortSqueeze is personal.
Most participants have funds locked on the Celsius platform, many others have had substantial $CEL-backed loans liquidated.
A lot of money is at stake for a lot of people.
Most participants have funds locked on the Celsius platform, many others have had substantial $CEL-backed loans liquidated.
A lot of money is at stake for a lot of people.
https://twitter.com/thomas_quinlan/status/1557355199932600322?s=20&t=ARPZzUdcoh8Qrgm6nbCl9A
19/ While no one wanted to see $GME go out of business, most people would not have lost their life savings if GameStop had to close up shop for good.
20/ $GME needed a complete restructuring. With @ryancohen at the helm & a dedicated community, what began as a “wreck-the-shorts” squeeze turned into a self-fulfilling prophecy.
GameStop has done a complete 180, just launched its own NFT platform & is doing better than ever.
GameStop has done a complete 180, just launched its own NFT platform & is doing better than ever.
21/ Can we manifest the same future for Celsius? We sure hope so!
But Celsius is not an old video game retailer with an archaic business model.
Celsius is a multi-faceted lending platform with other interests as well, including $BTC mining.
But Celsius is not an old video game retailer with an archaic business model.
Celsius is a multi-faceted lending platform with other interests as well, including $BTC mining.
22/ Another difference that’s important to note is that people who purchased $GME shares became shareholders in GameStop.
Please keep in mind that’s not the case with purchasing $CEL token.
Please keep in mind that’s not the case with purchasing $CEL token.
23/ What will the “Squeeze” look like?
Longs are capped at losing their principal, while shorts can potentially incur an infinite loss.
Spot shorts are paying a high APY% (currently 2k+% on FTX) to keep their positions open.
Eventually, they will need to close their positions.
Longs are capped at losing their principal, while shorts can potentially incur an infinite loss.
Spot shorts are paying a high APY% (currently 2k+% on FTX) to keep their positions open.
Eventually, they will need to close their positions.
24/ #CelShortSqueeze is working. $CEL token liquidity is leaving exchanges every day to private, self-custody wallets.
When $CEL liquidity inevitably dries up on exchanges like @ftx, spot shorts will be forced to go to DeFi to purchase $CEL to cover their short positions.
When $CEL liquidity inevitably dries up on exchanges like @ftx, spot shorts will be forced to go to DeFi to purchase $CEL to cover their short positions.
https://twitter.com/dansohymi/status/1557896453682372609
25/ This is where we “control” the price.
Most of the community has a range of limit sell orders set, including up to $100 per $CEL token on @1inch, which is a DeFi aggregator DEX.
There will be a quick spike in price. It will happen very fast.
A/K/A Squeeze.
Most of the community has a range of limit sell orders set, including up to $100 per $CEL token on @1inch, which is a DeFi aggregator DEX.
There will be a quick spike in price. It will happen very fast.
A/K/A Squeeze.
26/ Thought the GameStop documentaries were interesting? Just wait for The #CelShortSqueeze Story.
Between the macro uncertainty, players involved and general volatility associated with crypto, that’s one @netflix special you won’t want to miss.
Happy Squeezing! 🍋🍋🍋
Between the macro uncertainty, players involved and general volatility associated with crypto, that’s one @netflix special you won’t want to miss.
Happy Squeezing! 🍋🍋🍋
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