Celsius (CEL) has entered the top ten gainers in the last 24 hours after earning the eighth greatest gain of the day at 13.41%.

Temperature changes in Celsius

CEL has been closing a series of higher lows on the daily chart after forming a local bottom of $0.86 on August 27.

Following a price peak of $8.05 on June 4, 2021, the CEL coin has been drifting downward, reaching a low of $0.08 on June 13. CEL has now risen to a peak of $4.62 on August 15. However, considering the company’s precarious condition, it is unclear what caused this surge.

The business halted withdrawals on June 13 owing to “extreme market conditions.” Rumors of the company’s insolvency had been circulating for weeks prior to the announcement. Some Celsius customers reported having difficulty withdrawing payments, sparking speculation.

Since then, numerous charges have surfaced involving inadequate, even fraudulent, administration of using cash. This comprised high-risk, high-leverage trading that unraveled as the Terra ecology collapsed.

Celsius filed for Chapter 11 bankruptcy on July 13th, following numerous DeFi loan repayments. Court filings and whistleblower affidavits have disclosed the inner workings of the corporation, including allegations of CEL price manipulation.

The company’s official Twitter account last communicated on September 1. The article cited a court request to redact personally identifying information from “certain items” and efforts to “streamlining” the claims process in the coming weeks.

What is the reason for the relocation?

The lack of strong fundamental changes shows that CEL’s recent price increase is the result of speculative pressures.

The hashtag #CelShortSqueeze is currently trending on Twitter, according to the account @CELCATOFFICIAL. Some might say that this is a contrived effort rather than an organic interest.

A short squeeze occurs when the price of an asset rises, compelling traders who bet it would fall to buy in order to cover their short positions and avoid further losses.

Short squeezes do not often result in long-term price gains since they are driven by speculation rather than underlying fundamentals.

Terra Classic (LUNC), another “dead token,” has lately gained 280% in the previous 30 days. This was ascribed, however, to efforts to revitalize the currency through new features such as token burning and high APY staking.

CEL’s future is unknown at this time.