The Celsius (CEL) community has rallied on Twitter to perform yet another short squeeze attempt despite the company’s suffering multiple challenges. The move is aimed to fight off short positions against its favored crypto token.
The news broke out when thousands of tweets with the #CelShortSqueeze hashtags were posted on the social media platform.
Users advertised their long positions on CEL while also prompting others to do the same and post more content about the short squeeze. Even one Twitter user went ahead and tweeted that #CelShortSqueeze teaches you to never go against a community-led movement.
Short-selling is a popular tactic that enables investors to profit from the decline of a token or a share. It includes borrowing shares and selling them right away to purchase at a cheaper price later.
On the other hand, a short squeeze happens when rival investors start to bulk purchase a shorted asset, and rather than prices falling, it pumps up, which results in losses for short sellers.
This is not the first time that the Celsius community has come together to perform a short squeeze. Reportedly around June, the community has also made efforts in making unofficial plans to force CEL short-sellers to take out their positions by shooting the prices up.
The recent move is even more highlighted in the crypto space, considering Celsius facing bankruptcy while rumors of the company’s CEO fleeing from the US have been spreading. However, recently Celsius’s former employees came forward unveiling internal issues before bankruptcy.
