Thread by @daotopiaVC

What's happening with @CelsiusNetwork $cel token and why it rose by more than 4000% in less than 2 months ?

Let's dive in the #CelShortSqueeze action⬇️

A thread🧵

We've already published a detailed thread on how @CelsiusNetwork filled the chapter 11⬇️

https://twitter.com/daotopiaVC/status/1537112335462047745?s=20&t=-2ycOiS_kDQGF3H51lR4YQ

Prior to locking all of its users withdrawals, the April 12, 2022, @CelsiusNetwork started to block withdrawals from its "non custodial customers" which was just a pretext to cover their illiquidity.

However, the market instantly reacted by dumping $CEL token

Following this massive news, $CEL token fell by more than 95%.

What's interesting here is that when @CelsiusNetwork blocked its users withdrawals on the June 13th, 2022, $CEL price ranged between $0,5 and $1 for a month.

https://twitter.com/CelsiusNetwork/status/1536169010877739009?s=20&t=SANh1wHPVB_FQLrhNm0R1w

The reason is simple, 95% of the token supply is locked on @CelsiusNetwork platform which suspended withdrawals.

In addition #Celsius own more than half of the total token supply (600M) that is now worth $1.2B🤯

The result is an extreme market illiquidity and a highly volatile price.

Whales that shorted $CEL from 2$ to downwards needed to buy back tokens to close their positions.

However, illiquidity was preventing them to do so.

Knowing such situation, an action started 🔥

Everything started on the June 15th, 2022, when @otisa502 published this thread and created #CelShortSqueeze

https://twitter.com/otisa502/status/1537170718001078274?s=20&t=8xbBglugsCUqLzMR0hrV-g

The objective was to recover @CelsiusNetwork users' assets while also fighting giants that were leading #celsius to 0$

Reminds you something ?

That's the exact same movement that happened with @GameStop and @wallstreetbets

https://twitter.com/shaanvp/status/1353951035224694785

Bringing $CEL price back to normal would definitely help @CelsiusNetwork to pay its debts, cancel the chapter 11 fillings and hopefully open withdrawals for the users funds locked for more than 2 months now.

The action worked and is currently trending more than ever 📈

$CEL price is skyrocketing (from $1 to $4 in 10 days) as seen in the first post.

Liquidations are starting to rise ($7M for the past 24 hours)

We at @daotopiaVC particularly appreciate those narratives, retail investors fighting large institutions to finally get their share.

This was the main reason why we created DAOtopia, being the first Venture Capital owned by its community, enabling anyone to access usually inaccessible seed and private rounds 🤗

https://twitter.com/daotopiaVC/status/1531728505490313216?s=20&t=3PgwrFJsKEnxRC26uoAt5Q

If you share the same values as us, do not hesitate to join the movement with @cryptoismyjam, @I_Make_Lemonade, @CELCATOFFICIAL, @traderrocko, @PointPaul and many others !

Don't forget to retweet below's thread to spread information💪

https://twitter.com/daotopiaVC/status/1558478498930515972?s=20&t=aBxHsSZHikq5cniQ6YgjtQ

Wondering how the #CelShortSqueeze is progressing?

You can bookmark➡️ legacysynthesis.com/cel/ which gather all the $CEL flows from exchanges 🤌